If the company de-lists or goes private (ie American Can) that the portfolio is rebalanced and we stay in 100% equity for the positional analysis as of 12/31/2010, or do we just place that portion in some lame money market?

If a company delists, then if you can determine on which exchange it subsequently was listed on, then you can continue to track the stock. If it goes private, then you should determine the terms of the private stock exchange and assume that you are still invested in the private stock, which then has a problem due to lack of publicly traded prices. If the public shareholders are given cash in lieu of private stock, then you should reinvest equally amongst the remaining 4 equities on the date of the distribution (i.e., do not put into money market fund). How you handle the LTCG/LTCL is your choice as regards net funds to reinvest.