PTSC hatte als kurzfristige Geldanlage sogenannte ARS-Produkte gekauft. Nach der Finanzkrise sind die im Wert gesunken und lassen sich auch nicht ohne Verlust verkaufen. Deswegen die Klage gegen die Deutsche Bank.
Aus dem Q10:
Auction Rate Securities. The unrealized losses on our auction rate securities are caused by the uncertainty that these securities will settle or that we may have to redeem them for less than par value in the event we needed immediate access to these funds. As of August 31, 2009 and May 31, 2009, we held auction rate securities with a par value totaling approximately $10.9 million and $11.7 million, respectively, that failed to sell at auction. During June 2009, auction rate securities with a par value of $750,000 were redeemed by the issuers at par value. In September 2009, auction rate securities with a par value of $2,500,000 were redeemed by the issuer at par value (see Note 17). In the event we need to access funds invested in these auction rate securities we would not be able to liquidate these securities until (i) a future auction of these securities is successful, (ii) they are refinanced and redeemed by the issuers, or (iii) a buyer is found outside of the auction process. The investments consist of student loan auction rate instruments issued by various state agencies pursuant to the Federal Family Educational Loan Program (“FFELP”). These investments are of high credit quality and the AAA credit ratings of the investments have been reaffirmed since August 2009. These instruments are collateralized in excess of the underlying obligations, are insured by the various state educational agencies, and are guaranteed by the Department of Education as an insurer of last resort. We do not intend to sell our auction rate securities before we are able to recover our cost basis and it is more likely than not that we will not have to sell our auction rate securities before recovery of our cost basis.