"Smaller, less frequent borrowers and those on the losing end of interest-rate swaps attached to their auction-rate deals might take much longer to get out, said Matt Fabian, managing director at the research firm Municipal Market Advisors. Issuers used the swaps to hedge interest-rate risk.

``It might be a year or two before some of these are unwound,'' Fabian said. ``It's definitely consuming more cash'' for some issuers. "

It is my understanding that the underlined portion of your story is the key difference. Municipal investments are very different from Student Loan ARS's. I can't say that I do know buyers will re-enter the market now that I've spoken with a couple of investment bankers. They certainly don't feel the way you do. Unloading the investment may be possible sometime in the future but according to my understanding the bigger question is at what value? The information that's out there strongly suggest it will not be at face value.