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Subsequent Events
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6 Months Ended |
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Jun. 30, 2012
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| Subsequent Events | |
| Subsequent Events | 21. Subsequent Events.
Common Dividend.
On July 19, 2012, the Company announced that its Board of Directors declared a quarterly dividend per common share of $0.05. The dividend is payable on August 15, 2012 to common shareholders of record on July 31, 2012.
Long-Term Borrowings.
Subsequent to June 30, 2012 and through July 31, 2012, the Company's long-term borrowings (net of issuances) decreased by approximately $0.8 billion.
MSSB.
On June 1, 2012, the Company gave notice to Citi that it was exercising its right to purchase an additional 14% interest of MSSB. This notice initiated a process that could take up to 90 days to determine the purchase price. On July 16, 2012, the Company and Citi exchanged respective valuations for MSSB and a third party appraiser was subsequently selected to independently determine the estimated fair market value since the two firms' valuations differ by more than 10%. The third party appraisal process is to be concluded at the end of August and the Company's purchase of the 14% interest is expected to close in September 2012, subject to regulatory approvals.
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