The funds of approximately 50 of the 450 like-kind exchange customers of LES were held in segregated accounts (the “Segregated Account Customers”). As of the Petition Date, LES maintained approximately $138.6 million in segregated accounts with Citibank, N.A. and $75.3 million in segregated accounts with Centennial Bank. These segregated funds equal or exceed the claims of the Segregated Account Customers. The remaining 400 customers’ funds were held in commingled accounts (the “Commingled Customers”). As of the Petition Date, LES maintained the Commingled Customers’ funds in (a) treasury bonds worth approximately $46 million and (b) auction rate securities with a par value of approximately $201.7 million. These government treasury bonds and auction rate securities are held in one of two brokerage accounts with SunTrust Robinson Humphrey and Smith Barney-Citigroup. The Commingled Customers hold claims against LES equal to approximately $191.7 million.
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