I am of the understanding that most companies have not yet revealed their "current" book value of any ARS investments. In theory there will probably be only 2 outcomes:

1) They hold the investment until it's full maturity. Probably somewhere around 30 years.

2) If they have a strong enough relationship with their investment bank they may offer to repurchase the ARS in installments at a substantially reduced price. The investment banks are currently trying to figure out how to value an investment vehicle that basically no long erhas an active buying client base.

I now believe this may be why your seeing the S/P tanking. Anyone who knews the ARS situation realized PTSC may have just given up a chunk of their capital. Of course none of this will matter if they can show immediate licenses to make up for that capital. PTSC could always allow it to sit until full maturity if they have additional revenue coming in. It just seems like very bad timing for a company that isn't showing an abundant amount of capital to screw around with. We will see.