>>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.
This is from Seeking Alpha conference call transcripts (1Q 2009):
>>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. Because of this decision the company recorded an additional loss of $2.7 million related to this asset.
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