Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from [John Derusso - Robotti].
[John Derusso- Robotti]
In light of developments in the auction rate securities market is any of that write-off on your auction rate securities, is any of that going to be reversed in the future in your opinion?
David J. Parrin
I think at this juncture until that market comes back we just don’t see a lot of possibility there. And if you’ll recall we talked about that factor in the recapitalization, we assumed a zero value for that. So, we can, from a liquidity and capital perspective, handle further declines in the value. Of course our hope would be that at some juncture we’ll be able to recoup the investment we have there.
[John Derusso- Robotti]
So all this litigation that’s taking place in New York doesn’t have any kind of positive.
David J. Parrin
Best I can tell from looking at that that mostly relates to individual retail investors and small businesses. They’ve not come back to their institutional customers at this juncture.
Operator
There are no additional questions at this time.
David J. Parrin
If there are no additional questions, then we’ll wrap it up, and I want to thank everybody for their time this afternoon in listening to our second quarter earnings release. We look forward to talking to you next quarter and discussing the opportunities that we have. Thank you very much.
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