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Cash In Lieu

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Cash In Lieu (CIL)
In a typical exchange offer, "old" shares of the target company are exchanged for "new shares".

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Organizers now hope to sell 22,000 tickets at $180 each, with each entry getting a shot at the house, or $1 million cash in lieu of the house, or more than $200,000 in other prizes.
If a new employee filed an election to receive cash in lieu of making deferrals and the election was filed within a reasonable period ending before the beginning of the first month after the individual first became an employee, no deferrals for that (or any subsequent) month would be made.
The amount of cash in lieu of fractional shares will be based on the March 23, 2007 closing stock price.
 
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