Among investors trying to figure out the impact of Wall Street’s financial meltdown, Pima County may have lost as much as $5.2 million if a state investment in Lehman Brothers is wiped out by the investment bank’s bankruptcy.

The Arizona Republic reports a state Treasurer’s investment pool had $40 million invested in unsecured bonds from Lehman Brothers, according to state records.

Pima County stands to lose the most among the 17 major governmental jurisdictions with investments in the pool, named the Arizona Local Government Investment Pool 5, in which 1.27 percent of the money was invested in the Lehman Brothers’ bonds.

State Treasurer Dean Martin said he was optimistic his office will recover the money through bankruptcy proceedings.

Pima County Treasurer Beth Ford said the county’s potential loss is balanced by gains it has received from the higher-risk pool over the years. She said the county hasn’t lost any of its principal.

"This is not going to affect Pima County’s day-to-day operations," Ford was quoted as saying.

All totaled there were nearly 140 investors in the pool, including school districts, universities and airports.

The major Southern Arizona jurisdictions, their potential losses and the total amount invested in the Local Government Investment Pool 5 are:

• Pima County: $5.2 million of $409.5 million.

• Santa Cruz County: $1 million of $80.5 million.

• Oro Valley: $682,337 of $53.9 million.

• Douglas: $177,499 of $14 million.