Thanks. A close read of your prior post (#9187) indicates that the auction rate securities mentioned as the primary offsetting asset to the commingled customer claims are in fact highly illiquid and highly unlikely to fetch anything close to the face value of $201MM.
This may be why the commingled customers are trying to go after GENERAL assets. The key issue being--do the commingled customers have a legit claim on GENERAL assets (presumably including proceeds of the sales they have made to Fidelity et al).?
Also--looking at the balance sheet I certainly don't see anything like a "marketable securities" line in the amount of $200MM or more. This suggests that the auction rate securities are either included somewhere else (investment in subsidiaries is about the only number BIG enough to cover $200MM) or that they have been written down to a significant degree. Does anyone know on which line, and in what amount, the auction rate securities are captured on the balance sheet?
If I could afford to buy all of them, I would not need to buy any of them and I sure wouldn't be spending time on the message boards!
