Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Reserve Wants $106M in Primary Fund Fees Not Rated 3.0 Email Routing List Email & Route  Print Print
Friday, May 28, 2010

Reserve Wants $106M in Primary Fund Fees

Reported by Neil Anderson, Managing Editor

Recent regulatory filings hint that running the Reserve Primary Fund post-collapse and defending against lawsuits wasn't as expensive as Bruce Bent and his team once thought.

For the full story on the the death of the Reserve and its Primary Fund, see MFWire's timeline.

In a release yesterday of "Additional Information Regarding the Reserve Primary Fund", Reserve Management Company revealed that it has requested to withdraw more than $106.2 million to cover cover a variety of expenses incurred since the fund's collapses in September 2008.

That's a far cry from the $3.5 billion Bent and co set aside in February 2009, before the SEC first leveled its charges against the Bents in May 2009. And that case is the reason the Reserve has to phrase the expense discussion as a request: thanks an order from the U.S. District Court hearing the SEC's suit, a judge has to approve any claims for payment.

The Reserve has distributed $50.5 billion (98.6 percent) of Primary's assets back to shareholders so far, with only $328.0 million remaining. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

3.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use