Question-and-Answer Session
Operator
(Operator instructions) Your first question comes from the line of John Rogers with D.A. Davidson.
John Rogers – D.A. Davidson
Hi, good afternoon.
Ronald Tutor
Hi John.
John Rogers – D.A. Davidson
A couple of things. First of all on the MGM project, congratulations on that. But, the $1 billion to $1.2 billion for your portion of that, how big is the entire project? At least is this the entire project or the first phase of it? Because numbers that were out there previously I think (inaudible).
Ronald Tutor
The whole project – this is Ron Tutor speaking. The whole project, John, in Atlantic City is between $2.7 billion and $3 billion. We have been assured at a minimum the hotel tower, the garages, and certain other towers that will be the equivalent of $1.2 billion or thereabouts. The balance – Tishman Construction is the construction manager. The podium and other components of the $3 billion are still up in the air. That’s just our committed piece as we speak.
John Rogers – D.A. Davidson
So there is a chance that it could grow over time at least what MGM has talked about it in the past?
Ronald Tutor
That's correct.
John Rogers – D.A. Davidson
Secondly, in terms of the auction rate securities, I mean any sense on how quickly you might be able to unwind that position?
Ken Burk
This is Ken. We did classify part of them that are student loan back that are privately insured to non-current. That's about 21 million. We left the rest in current. We've got about 80 million in student loan that are government backed and the balance in municipals which we've been very successful liquidating since this all started in mid-February. We've actually liquidated I think about 70 million since that time. And we feel that with the latest news that we're able to gather in the marketplace that it's possible and reasonable to expect those to be liquidated in the short-term, that being in less than 12 months.
John Rogers – D.A. Davidson
And I guess just finally, and then I'll jump back in the queue, relative – since you made the announcement of the combination with Tutor-Saliba in early April – I think you had talked at that time about Tutor-Saliba's backlog being – I don't have my notes in front of me; I am sorry – but $1.5 billion in terms of backlog.
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