ORANGE COUNTY IN BANKRUPTCY : Daily Developments

Plain Unveiled: Officials unveiled an interim plan to divide the investment pool’s revenues as the fund is liquidated, a process that could take from one week to six months.

Auctioning Begins: The county auctioned $483 million worth of securities fro its investment pool, the first step toward liquidating the fund, which has dropped by $2.02 billion--27%--this year.

Union Protest: About 40 members of Teamsters Union Local 952 marched through the first floor of Merrill Lynch’s Santa Ana office. The protesters demanded that the brokerage firm return profits made from underwriting risky investments with tax money.

Placing Blame: State Controller Gray Davis blamed the Board of Supervisors for the financial crisis, saying they delegated too much authority to former Treasurer Robert L. Citron. “The responsibility lies with the supervisors,” he said.

Sacramento Response: Gov. Pete Wilson directed state transportation officials to expedite a $15-million advance to the Orange County Transportation Authority, which has more than $1 billion tied up in the county’s fund.

Funding Fallout: Leaders of PTAs and educational foundations said the county’s fiscal crisis could mean that thousands of dollars they raise each year for extras such as computes, music and art will go instead to pay for basic items and day-to-day operations.