Exact(26)
The value of the assets is relatively small in relation the group as a whole.
The cash flow of the assets is about $120 million a month, he said.
Income from the assets is taxed at ordinary rates of up 35percentt.
The difference in value between the assets is to be settled in cash, the companies said in a joint statement.
The first step to freezing the assets is seeking a United Nations designation that an organization is a conduit for terrorist financing.
The receiver's pursuit of the assets is an expensive endeavor: it has charged $3.9 million in fees and expenses through the end of last year that comes out of the I Works receivership.
Similar(34)
The deal for the drilling assets is expected to close by the end of the year.
The effort to sell the foreign assets is a radical departure from the previous strategy of WorldCom, the United States' second-largest long- distance company, after AT&T, to strengthen its international businesses.
The other half of the funds' assets is parked in bonds and money-market instruments.Until the 1990s, most funds were cautious investors looking for long-term gains.
Because a derivative is set up to offset risk, its value, measured by the underlying assets, is higher than the amount of money at stake, and Mr. Greenspan suggested that some concerns about the use of derivatives were overdone.
"Any use of the frozen assets is like piracy on the high seas," said Deputy Foreign Minister Khaled Kaim.
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