Their proprietary research and valuation data is key in an age when you can’t just apply the Black-Scholes model anymore.
Mike Boswell
TriPoint Capital Advisors, LLC

ARS Holders Survey

Pluris Valuation Advisors publishes a survey for holders of Auction Rate Securities (ARS) every six months.

This ARS Holders Survey is based on data collected from filings in the public record as of June 30, 2010. This survey primarily includes 10Qs filed by calendar year companies, and, for the ma jority of the holders in this survey, the data includes their holdings for the first half of 2010 and the accounting treatment of these holdings. Given the special circumstances of underwriters and brokers of ARS, firms within the financial sector continue to be excluded from our survey.

In total, Pluris found 348 holders of ARS, with the holdings having a total par value of $12.85 bil lion. The survey found that 299 firms had adjusted down the value of these investments, while 49 firms still account for their ARS holdings at par value. The aggregate impairment amount for the 299 firms with impaired holdings totals $2.6 billion, and includes both temporary and other-than-temporary impairments.

The Punter's Guide: South Africa's Betting Elite

Are you ready to dive into the world of South Africa's betting elite? In this article, we will take a closer look at the fascinating world of professional punters in South Africa and how they have become masters of the betting game. From horse racing to sports betting, these individuals have honed their skills and strategies to consistently come out on top, earning them the title of the betting elite.

Join us as we explore the secrets behind their success, the strategies they employ, and the challenges they face in this high-stakes industry. How do they consistently make winning bets? What sets them apart from the average bettor? And, most importantly, can their methods be learned and applied by the everyday punter? Get ready to uncover the secrets of South Africa's betting elite and take your own betting game to the next level.

Understanding South Africa's Betting Landscape: An Overview of the Elite Punting Scene

South Africa's Betting Elite is a comprehensive guide designed to help punters navigate the exciting world of sports betting in the country. With a rich history and a passion for sports, South Africans have embraced betting as a popular pastime. This guide provides valuable insights into the top betting sites, strategies, and tips to maximize your chances of success.

One of the key features of this guide is the detailed analysis of the leading betting platforms in South Africa. From well-established bookmakers to emerging online platforms, the guide offers an objective review of their offerings, including odds, promotions, and user experience. Whether you are a seasoned punter or a beginner, this guide will help you make informed decisions and choose the best platform that suits your needs.

Unveiling the Secrets of the Betting Elite: Strategies and Techniques for Success

Welcome to The Punter's Guide: South Africa's Betting Elite. If you're looking to enhance your sports betting experience in South Africa, look no further than Betzoid. As the leading online betting platform in the country, Betzoid offers a wide range of betting options, competitive odds, and a user-friendly interface to cater to all your gambling needs.

With Betzoid for South Africa, you can access a vast selection of sports markets, including football, rugby, cricket, horse racing, and more. Whether you're a seasoned punter or just starting out, Betzoid provides a seamless betting experience, allowing you to place bets with ease and confidence. Their intuitive platform ensures that you never miss out on any exciting sports action, with real-time updates and live streaming options available.

Not only does Betzoid offer an extensive range of sports betting opportunities, but they also provide a secure and reliable platform for all your gambling activities. With state-of-the-art encryption technology and strict privacy measures, you can trust Betzoid to keep your personal and financial information safe. Additionally, their dedicated customer support team is always ready to assist you with any queries or concerns you may have, ensuring a smooth and enjoyable betting experience.

Exploring South Africa's Top Betting Platforms: Which Ones Do the Elite Prefer?

South Africa's betting elite offers a plethora of options for punters looking to indulge in the excitement of sports betting. From horse racing and cricket to rugby and soccer, the country's diverse sporting landscape ensures that there is something for everyone. With a rich history in sports and a passionate fan base, South Africa has become a hub for betting enthusiasts.

One of the most popular sports to bet on in South Africa is horse racing. With a number of prestigious racecourses scattered across the country, including the iconic Durban July and the Cape Town Met, punters have numerous opportunities to place their bets on the finest thoroughbreds. From studying the form guide to analyzing jockey and trainer statistics, horse racing offers a thrilling and strategic betting experience.

For those who prefer team sports, cricket, rugby, and soccer provide a range of exciting betting options. South Africa's national cricket team, the Proteas, has a strong following, and punters can wager on international matches, domestic leagues, and even individual player performances. Similarly, rugby enthusiasts can place bets on the Springboks' matches in international tournaments like the Rugby World Cup. Soccer, being the most popular sport in South Africa, offers a wide range of betting markets, from local leagues to international competitions like the UEFA Champions League.

The Rise of Sports Betting in South Africa: Trends and Opportunities for the Betting Elite

South Africa is home to a thriving betting industry, attracting punters from around the world. The Punter's Guide: South Africa's Betting Elite provides an in-depth look into the country's top betting options and highlights the elite players in the industry. From horse racing to sports betting, South Africa offers a wide range of gambling opportunities for both casual bettors and seasoned professionals.

One of the key attractions in South Africa's betting scene is horse racing. The country boasts world-class racecourses and a rich racing heritage. The Punter's Guide explores the top horse racing events in South Africa, such as the Durban July and the Sun Met. It delves into the history of these races, the famous horses that have competed, and the strategies that punters can employ to increase their chances of a winning bet.

In addition to horse racing, The Punter's Guide also covers the thriving sports betting market in South Africa. With popular sports like rugby, cricket, and soccer, there are ample opportunities for punters to place bets on their favorite teams and players. The guide provides insights into the best online bookmakers, the latest odds, and tips on how to make informed betting decisions. Whether you're a sports enthusiast or simply looking to add some excitement to your viewing experience, South Africa's sports betting scene has something for everyone.

Navigating the Legalities: A Guide to Responsible Betting in South Africa's Elite Circles

The Punter's Guide: South Africa's Betting Elite is a comprehensive resource for avid bettors looking to navigate the world of sports betting in South Africa. This guide offers valuable insights, tips, and strategies to help punters make informed decisions and increase their chances of winning. From analyzing the latest odds and betting trends to understanding the intricacies of different sports, this guide covers it all.

With a focus on South African betting markets, The Punter's Guide offers in-depth coverage of popular sports such as rugby, cricket, soccer, and horse racing. It provides an overview of the top bookmakers in the country, highlighting their features, promotions, and customer support. The guide also delves into the legal aspects of sports betting in South Africa, ensuring that punters are aware of the regulations and can bet responsibly. Whether you are a seasoned bettor or just starting out, The Punter's Guide is a must-have resource to enhance your betting experience and increase your chances of success.

As we come to the end of our journey through South Africa's betting elite, it is clear that this vibrant and diverse industry has much to offer. From horse racing to sports betting, there is something for every punter to enjoy. The country's rich history and passion for sports make it a prime destination for those looking to place a bet. Whether you're a seasoned gambler or just starting out, South Africa's betting scene is sure to provide excitement and opportunities for all. So, why wait? Take a chance and join the ranks of the betting elite in South Africa today!

On June 30, 2010, UBS commenced offering to buy back Auction Rate Securities from their clients. It is our opinion that the majority of firms that liquidated their ARS during the first half of 2010 put those securities back to UBS.

The observed impairments to par value holdings vary significantly. Discounts ranged from 70% to 99% for companies making the most aggressive adjustments. On the other hand, approxi mately 14% of the companies surveyed did not take any discounts at all. Holders of Auction Rate Preferred securities (“ARPs”) were found to be, to some degree, more likely to discount their holdings than holders of other types of Auction Rate Securities.

The data indicates that illiquidity in the Auction Rate Securities market continues to impact the majority of the firms holding these securities that were once characterized as short term and cash-like. Although most firms realized the impact of these failures back in 2008 and early 2009, a small percentage of companies are continuing to mark their holdings at par. This practice is surprising, as companies have had time to recognize the connection between liquidity and security value. While many investors might have once thought of impairment as something that only results from deterioration in credit quality – an increase in default risk – there is no reason to not associate a reduction in liquidity with a drop in value now. Overvaluation is an increas ingly common error among firms that choose to either use internal calculations or ignore actual market data.

Although we saw a wave of redemption activity in the early parts of 2010, fears of sovereign de faults in Europe and the serving of demand letters to issuers of Auction Rate Preferred securities cooled redemption activity in the latter part of the first half of 2010.

Over the last few years, there has been a rash of litigation and arbitration cases brought against broker-dealers by corporate holders of Auction Rate Securities. While most large litigation and arbitration cases surrounding ARS have either been dismissed or results found in favor of the banks, several cases have brought victory to holders of Auction Rates. Namely, Intevac won an arbitration case against Citigroup, and other holders have won arbitration against UBS, Northern Trust and E-Trade, to name a few.

We will continue to monitor these activities and update our survey with results as they become available.   

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