What are you investing in now if not TSC deals?What sort of rates would you expect (a guess as I know you said you have not been that active recently)?Not much of anything. The secondary market has been pretty good, we are liquidating not buying.Spoke to a friend today who has been attending and buying at NJ auctions, he told me that they are buying at 0% with a premium that scales up as the face value of the TSC goes up. Once they buy, they are VERY diligent about buying the subsequents which are at 18%. After a while, they can get a blended rate that can make them money in case of a redemption. He also told me that their cost of funds is only about 5%, that helps too.Something interesting he said that may be where an individual can look, he told me that many of the institutions are going to the Muni Collector and offering to buy -- at a discount -- the TSCs that were not sold at the auction. Yes, this is low quality stuff, but with good DD an individual might be able to find some nuggets. Also, those TSCs bought after the auction have an 18% interest rate.Roger
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