County of Orange v. McGraw-hill Companies, Inc. (In Re County of Orange)

RULING ON APPEAL

TAYLOR, District Judge.

I. BACKGROUND

On December 6, 1994, the County of Orange filed its chapter 9 bankruptcy petition. The County now seeks to hold various entities including defendant McGraw- Hill d/b/a Standard’s & Poors (“S & P”) responsible for the events leading to the County’s bankruptcy.

The County alleges S & P was retained in 1993 and 1994 to render bond rating and investment services to the County. The County and S & P entered into separate agreements for each of the debt offerings the County made between 1993 and 1994. These agreements were called “Memorandum of…