said he is current on all applicable laws and regulations and is a registered Washington State Bail Bond Agent.
Although a private letter ruling cannot be cited as a precedent, the logic of this ruling involving CAPs can be used by analogy to analyze and extend the rationale for equity treatment of ARPs
was represented by Peter Roberts, managing director, Scott Gamber, executive vice president, and Frank Small, associate, of LaSalle Partners.
In addition, MFS[R] High Yield Municipal Trust (NYSE: CMU) and MFS[R] Investment Grade Municipal Trust (NYSE: CXH) each announced that all conditions to the closing of its cash tender offer to purchase up to 100% of its outstanding ARPS
have been satisfied.
holders should read the offer to purchase and tender offer statement on Schedule TO and related exhibits for their respective fund as the documents contain important information about their fund's tender offer.
The definitive proxy materials will be mailed by each fund to holders of ARPS
on the record date for the special meeting relating to such fund's proposed amendment to its bylaws as described above.
This announcement is not a recommendation, an offer to purchase or a solicitation of an offer to sell ARPS
of the funds, nor is it a solicitation of any proxy.
Early 2008 saw funds providing some liquidity to ARPS
holders following the auction market crisis that began in February of that year.
Also, over the same time period total ARPS
outstanding in taxable CEFs declined to $5.
Garfinkel, senior litigation partner at Skadden, Arps
, Slate, Meagher & Flom, "Directors and officers have increasingly become targets of litigation over the past years.
The Nuveen Funds' ARPS
were a form of auction rate securities, which are long-term securities with interest rates or dividend yields that are reset periodically through an auction process.
This settlement concludes a two-year investigation that followed the wide spread failure of auctions for ARPS
and for other auction rate securities generally beginning in mid-February 2008.