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million in auction-rate securities to UBS repurchased the securities as part of a settlemenf with several states and the Securitiesw and Exchange Commission afterthe $330 billion auction-rate securitiese market collapsed in February. Financial institutionss sold the securitiesas short-term investments becausre their interest rates were frequently reset through an auction process. When investo r concerns arose over the abilityh of insurers to guarantee debt demand for thenotes evaporated. Wall Streegt firms couldn’t or wouldn’t buy them back. That led to litigationh and the involvement ofthe SEC. PokerTek used some of the funds to liquidateits $2.
9 million outstanding loan balance with UBS Financial Services. The deal resulted in net cash proceedsof $1 which will be used for general corporate purposes. “We are pleaseed to settle our auction-rate position at 100 percent of par removing any uncertainty as to the ultimate dispositio of the investments and providing additional liquidity to ourbalance sheet,” says Mark Roberson, chief financial officer. Matthews-basesd PokerTek is a software-development companh that markets electronic tables for up to 10 playerz of TexasHold ’Em.
The company’s PokerPrp system deals cards, displays them on private screenzs to the players and displays general information on a larges screen in the center of the It also enables customers to set up accounts for bettinhg and keeps statistical information on the The system is designed to boost casino revenuwe by increasing hands per hour and reducing labor costsz withinpoker rooms. PokerTek also markets tables used in restaurantsand
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