What 'Portion' Of Their $1 Billion In Redemptions Will Harbinger Capital Partners Investors Receive In Actual Cash?

Monday afternoon, Harbinger Capital Partners founder Phil Falcone informed investors that all those putting in redemption requests were in for a real treat. Instead of actual money, they will be receiving illiquid shares of LightSquared, which Phil is "convinced" provide "substantial upside." Today, Bloombergreports that investors have asked for at least $1 billion back (which would shrink the main fund to $3.25 billion). According to the letter, only "a portion" of withdrawl requests will be paid in LightSquared, without going into further detail. So.

As investors are probably getting a little antsy to know how much money versus LS currency they'll be receiving, let us at this time take a stab at what percentage "a portion" represents. 5 percent? 25 percent? 99.99999999999999 percent?