The shareholders of the Reserve Florida Municipal Money-Market Fund
will soon be whole. On Friday the New York City-based asset manager unveiled the final, $1.95 million distribution from the liquidating fund.
For the full story on the the death of the Reserve and its Primary Fund, see MFWire's timeline.
The move follows closely on the heels of the final liquidation of the New Jersey Municipal Money-Market Fund
, which began earlier this week (see MFWire, 2/5/2009
Together with an initial distribution of $7.9 million on December 12, Friday's $1.9 million distribution should make the Florida Municipal Money-Market shareholders whole.
Reserve froze the Florida fund, along with 22 others, shortly after the Primary
broke the buck in mid-September in the wake of the bankruptcy of Lehman Brothers
(see MFWire, 9/18/2008
). In October, Reserve decided to liquidate 15 funds, including the Florida fund (see MFWire, 10/10/2008
Company Press Release
New York, February 6, 2009 – Reserve Management Company, Inc. (“RMCI”) is pleased to announce that it began the final distribution to Florida Municipal Money-Market Fund shareholders today in the amount of $1.95 million, and the Plan of Liquidation for the Fund has been finalized. The Plan was subject to the U.S. Securities and Exchange Commission’s supervision.
This final distribution is being paid to all investors remaining in the Fund, including those who submitted redemption orders that had not been funded and those who have not submitted redemption orders. Effective with this distribution, investors received $1.00 per share, which includes the Fund’s net assets and accrued income, less Fund expenses. Accrued income was reinvested in additional shares, which were also liquidated and distributed. There were 1,955,454 shares outstanding.
The Fund’s first distribution to investors was $7.9 million and occurred on December 12, 2008.
For more information regarding your specific account, please contact your financial adviser or our
customer service department at 800-637-1700.
Updates to all of the Reserve funds can be found on our website, TheR.com.
An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Money market yields may vary.
Resrv Partners, Inc., Distributor. Member FINRA. 02/09
Neil Anderson, Managing Editor
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