Retirement system may cost LA workers $24M

October 15, 2009 12:34:41 PM PDT
A Texas golf course development put together by pro golfer Hal Sutton is the target of foreclosure, putting into question $24 million invested by Louisiana's retirement system for municipal police officers.The Louisiana Municipal Police Employee Retirement System put the money into Boot Ranch near Fredricksburg, Texas. On Wednesday, Lehman Brothers, which provided $73 million in additional financing to keep the project afloat in 2007, posted a foreclosure notice for Nov. 4.

Sutton and co-developer Ken Jowdy blame sharply reduced property sales during the recession for the defaulted loan. The retirement system's board has a meeting scheduled for Wednesday to decide what to do next.

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