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?