Effective May 8, the California Department of Insurance placed the company in liquidation
Further information regarding the calculation of net assets in liquidation
and related disclosures are contained within the filing.
The firm, which is managing two of the largest retail liquidations
now underway - Tower Records and Storehouse - noted that the Boston location will strengthen its ability to serve the growing market for retail asset disposition.
69-617 ameliorates this result by not applying the LR doctrine to a parent-subsidiary liquidation
if the upstream transaction can also qualify as a reorganization.
of the telecom group and subsequent foreclosure action by McCormack will eliminate approximately $17 million of accrued liabilities on the Fonix consolidated balance sheet," says Roger D.
The ruling addresses the percentage of participation in corporate earnings and liquidation
proceeds needed for a class of stock to be participating significantly in corporate growth.
With a long-term strategy to provide eBay liquidation
services to Fortune 1000 enterprises, BizAuctions is a clear and lucrative solution for most any business to liquidate excess inventory on eBay.
Relying on that language, taxpayers have taken the position that the recast from an outbound stock transfer to a foreign-to-foreign asset reorganization will also apply if the liquidation
is a deemed liquidation
resulting from a check-the-box election of the transferred foreign corporation.
001 per share, $25,000 Liquidation
Preference per share (the "Series R ARPS"), on Friday, November 10, 2006 (the "Series R Redemption Date").
When drafting limited partnership agreements in which a taxpayer wants to claim valuation discounts, care should be taken to ensure that the liquidation
restrictions therein do not exceed the restrictions under applicable state law.
amount per share for both the Series A-2 Preferred Shares and the Series B-1 Subordinate Preferred Shares is $500,000, and there are 62 shares and 37 shares outstanding, respectively.
This decision to liquidate was not formalized through a corporate resolution and no Form 966 was filed, even though the two shareholders agreed that a liquidation
These forward-looking statements include: our intent and ability to satisfy RE&S service and warranty obligations pending completion of the sale of RE&S Assets; the anticipated time it will take to close the RE&S Agreement; our plans with respect to a Liquidation
Plan or conversion of the Chapter 11 filing to Chapter 7; the anticipated time it will take to complete the liquidation
process, the likelihood that additional claims of which management is not aware may arise, adverse actions taken by regulatory agencies, potential product defects or related performance resulting in product recalls and significant liability and legal costs; our ability to close the RE&S Agreement, and our ability to make distributions to stockholders.
The S shareholders are treated as receiving in the deemed liquidation
the new target installment obligations that correspond to the original installment obligations they actually received individually in exchange for their recently purchased stock.
Total liabilities and minority interests of $57,692,433 at June 30, 2006 was comprised of the reserve for estimated costs during the period of liquidation
of $21,627,367, mortgage notes and construction loans payable of $24,422,172, the reserve for option cancellations of $2,241,846 and construction payables, other accruals and liabilities of $7,985,464.