Some good news for Equinix.
- One final note related to our cash balances. As was noted on previous calls, we placed some funds in the Reserve Primary Fund, the money market fund that [inaudible] in September of 2008. During the quarter the Reserve Fund announced their intent to maintain $3.5 billion of assets to settle their legal obligations and claims. As a result, we adjusted the net anticipated recovery to $0.917 per $1 of investment.
Today on the WSJ:
Reserve Fund holders may get 99 cents a share
Reserve Primary Fund and its independent trustees filed a court brief Friday, supporting the distribution of the money-market fund's remaining assets as soon as possible.
The brief also said unpaid shareholders may receive slightly more than previously anticipated: Based on revised calculations and updated data, each unpaid shareholder may receive $0.9875 per share on a pro rata basis, and possibly as much as 99 cents per share. It had previously estimated that investors would receive $0.985 per share....
Assuming that the fund is unable to recover any value for its Lehman Brothers Holdings securities, which have a face value of $785 million, remaining investors would be paid $0.9875 per share on a pro rata basis.
Shareholders could receive 99 cents per share if the fund receives 17% of par value for the Lehman securities, a figure that may reflect the current market value of the holdings, the statement said.