November 1994: Auditors find that the pool has massively lost value.
December 1, 1994: Citron confirms that the pool faces $1.5 billion loss.
December 3, 1994: Citron resigns.
December 6, 1994: Prompted by due date of certain repo transactions, Orange Country files for
Chapter 9 protection.
May 2, 1995: US Bankruptcy Court endorses settlement of what is left in the investment pool.
Some 241 participants get 77 cents in each dollar of their investment balance as a cash
distribution.
November 19, 1996: Citron is sentenced to a year in jail and $100,000 fine.