Prospect Acquisition Corp. Announces Trust Investment Details
September 29 2008 - 8:00AM
PR Newswire (US)
STAMFORD, Conn., Sept. 29 /PRNewswire-FirstCall/ -- Prospect
Acquisition Corp. (AMEX:PAX) (the "Company") announced today
details related to its assets being held in trust. First, the
assets, as of September 25, 2008, totaled $248,721,832.70, as
compared to $247,000,000.00 at the time of the Company's initial
public offering. Second, those assets are held in a trust account
at JPMorgan Chase, N.A., with Continental Stock Transfer &
Trust Company as trustee. Finally, 100% of these assets are
invested in JP Morgan Funds 100% U.S. Treasury Securities Money
Market Fund (the "Fund"). Per the Fund's prospectus (i) the Fund
invests its assets exclusively in obligations of the U.S. Treasury,
including Treasury bills, bonds and notes, (ii) the Fund does not
buy securities issued or guaranteed by agencies of the U.S.
government, (iii) the dollar weighted average maturity of the Fund
will generally be 60 days or less, and (iv) the Fund will only buy
securities that have remaining maturities of 397 days or less as
determined under Rule 2a-7. JPMorgan Chase Bank acts as custodian
for the Fund. Prospect Acquisition Corp. is a newly organized blank
check company formed for the purpose of acquiring, or acquiring
control of, through a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination, one or more businesses or assets, which we refer to as
our initial business combination, in the financial services
industry, which includes investment management firms. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy the securities of the Company, nor shall there
be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. All questions and inquiries for further information
should be directed to David A. Minella, Chairman and CEO of the
Company. He can be reached via telephone at 203-363-0885.
DATASOURCE: PROSPECT ACQUISITION CORP. CONTACT: David A. Minella,
Chairman and CEO of Prospect Acquisition Corp., +1-203-363-0885 Web
Site: http://www.prospectac.com/
Copyright
Paxson Commun (AMEX:PAX)
Historical Stock Chart
From Jul 2024 to Aug 2024
Paxson Commun (AMEX:PAX)
Historical Stock Chart
From Aug 2023 to Aug 2024