SANTA ANA – Orange County Treasurer-Tax Collector Chriss Street said he has avoided a potential $50 million loss to the taxpayers by selling an investment early.

Street sold a $75 million structured investment vehicle packaged by Sigma Finance Corp. last month. The British company has said it will halt trading and that it might appoint a receiver to wind down its holdings.

Sigma was due to mature at the end of this month. Street decided to sell it early for 91.5 cents on the dollar. But counting interest earned since the county purchased it, the county has made a profit, he said.

“We recognized that challenges for Sigma Finance were mounting and elected to sell the investment,” he said. Under current market conditions, Street added, the county could have lost $50 million on its investment.

The county bought Sigma in October 2006, while Street was assistant treasurer. Orange County now holds $560 million in structured investment vehicles.

Information from: The Orange County Register, www.ocregister.com