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Knight
Trading Group, Inc. – The Company owns approximately 7.9
million shares of Knight, representing approximately seven percent
of Knight's outstanding common shares as of September 27, 2002. The
Company accounts for its investment in Knight as a marketable equity
security available-for-sale. On September 27, 2002 and September 28,
2001, the Company's investment in Knight was valued at $31.9 million
and $61.0 million, respectively. The Company's cost basis is $0.7
million, therefore the gross unrealized gain was $31.2 million and
$60.3 million at September 27, 2002 and September 28, 2001, respectively.
As of September 27, 2002, the Company had pledged approximately 4.1
million shares of Knight as collateral under an equity index swap
arrangement related to the Company's deferred compensation plan for
its Chief Executive Officer.
Comprehensive Software Systems, Inc.
("CSS") – As of September 27, 2002 and September
28, 2001, the Company owned approximately seven percent of CSS, a
joint venture formed for the purpose of developing software for securities
broker-dealers, banks and other financial institutions. The Company
accounts for its investment in CSS under the cost method.
Adirondack Trading Partners, LLC ("Adirondack")
– As of September 27, 2002 and September 28, 2001, the Company
owned a minority interest in Adirondack, a development-stage company
formed to trade listed equity and index options. The Company accounts
for its investment in Adirondack under the cost method.
Epoch Partners, Inc. ("Epoch")
– Prior to July 19, 2001, the Company owned approximately 10
percent of the preferred stock of Epoch, a privately held investment
bank that acts as an underwriter on initial public offerings and secondary
offerings of securities with a focus on distributing these shares
to retail, online investors. The Company accounted for its ownership
in Epoch under the cost method. On July 19, 2001, the Company completed
the sale of its investment in Epoch for approximately $16.4 million
in cash. The Company recorded a gain on the sale of the Epoch investment
of approximately $9.7 million during fiscal 2001. |
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