Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Thomas Khan - Khan Brothers.
Thomas Khan - Khan Brothers
[Break in audio] on the Circuit City receivable.
Patrick M. Lavelle
Tom, could you repeat that?
Thomas Khan - Khan Brothers
Did you collect your insurance money on the Circuit City receivable?
Patrick M. Lavelle
The bankruptcy proceedings are ongoing. We expect that we will receive payment either in the end of the third quarter or the beginning of the fourth quarter.
Thomas Khan - Khan Brothers
What was the amount of the receivable? What is the claim?
Patrick M. Lavelle
The balance is I believe $6.6 million, something like that.
Thomas Khan - Khan Brothers
And who is insuring that for you?
Patrick M. Lavelle
Credit Suisse.
Thomas Khan - Khan Brothers
So you anticipate receiving all of that from the insurance company?
Patrick M. Lavelle
Yes, we do.
Thomas Khan - Khan Brothers
So when we look back at it will there have been any loss or will you have essentially been well covered?
Patrick M. Lavelle
We were well covered. I guess you can say the only loss we had was the initial cost of the put that we couldn't place.
Thomas Khan - Khan Brothers
Is there any more, I mean, you guys did a great job in reducing expenses. Can we look forward to any more or are we pretty well sort of cut to the bone in terms of expenses?
Patrick M. Lavelle
We've cut as deeply as I would like to see at this particular point in time based on the programs that we are starting.
I don't think it would be wise for us to go any deeper at this point because, with the new programs that we have in place, the new Sony PlayStation, the new FLO programs that we have on the Consumer and the Mobile side, I don't think it would be wise at this particular point.
We are anticipating that we are going to see some improvement in the mobile business based on these deals and as well in the economy as time goes on, so other than fine tuning and [inaudible] the waste, I don't see anything.
John J. Shalam
Tom, if I may just add, I did want to say that in addition to what Pat said we do have ongoing programs which we are reviewing in terms of warehousing efficiencies, transportation and other cost studies which are not related to just cutting payroll and cutting salaries, but it's an ongoing process. You could see some additional small savings.
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