LandSource Communities Development LLC, a real estate partnership involving the nation's largest public employees pension fund, has filed for Chapter 11 bankruptcy protection.
The California Public Employees' Retirement System is a major investor in LandSource, which announced the bankruptcy filing in U.S. Bankruptcy Court in Delaware late Sunday in a news release. The partnership's assets include 15,000 acres of undeveloped land north of Los Angeles in the Santa Clarita valley.http://news.yahoo.com/s/ap/20080609/ap_on_bi_ge/calpers_land_partnership_2
The California Public Employees' Retirement System (CalPERS) provides pension fund, healthcare and other retirement services for approximately 1.5 million California public employees. As of October 2007, it owns $254.8 billion worth of stock, bonds, funds, private equity and real estate. It is the largest pension fund in the United States. CalPERS provides benefits to all state government employees and, by contract, to local agency and school employees.
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