[Enterprising Investor]

Altaba Inc. (formerly known as Yahoo! Inc.) is an independent, closed-end management investment company registered under the 1940 Act.

[fung_derf]

Is this what is left from the once publicly traded company?

[Enterprising Investor]

Altaba Announces Liquidating Distribution of $0.96 Per Share (2/09/23)

NEW YORK--(BUSINESS WIRE)--Altaba Inc. (“Altaba” or the “Fund”) today announced that the Board approved a liquidating distribution of $0.96 per share of the Fund’s common stock, par value $0.001 per share, or $498,730,911 in the aggregate (the “Liquidating Distribution”), which will be payable on February 17, 2023.

As previously announced, at a special meeting of stockholders held on June 27, 2019, stockholders of the Fund approved a Plan of Complete Liquidation and Dissolution (the “Plan”), pursuant to which, the Fund filed a certificate of dissolution with the Secretary of State of the State of Delaware to dissolve the Fund on October 4, 2019.

On May 28, 2020, as part of the Fund’s court-supervised wind-up proceedings pursuant to Sections 280 and 281(a) of the General Corporation Law of the State of Delaware (the “DGCL”) pending before the Court of Chancery of the State of Delaware (the “Chancery Court”), the Fund filed a verified petition for determinations pursuant to Section 280 of the DGCL (the “Chancery Action”).

On January 20, 2023, Altaba and Emily Larocque filed, and the Chancery Court granted, a stipulated order setting the final holdback for the putative class action claim asserted by Emily Larocque in Saskatchewan, Canada, arising from the security incidents that took place between 2013 and 2016, which involved stolen Yahoo! user account information and forged cookies (the “Larocque Action”), and authorizing the Fund to make one or more distributions totaling in the aggregate amount of $492,500,000, reflecting the difference between the Fund’s current holdback for the Larocque Action and the stipulated holdback.

The Liquidating Distribution represents a partial distribution of the remaining assets of the Fund. Further information regarding the amount and timing of any subsequent liquidating distributions to stockholders will be provided in subsequent press releases or filings with the SEC as such information becomes available.

About Altaba

Altaba is an independent, closed-end management investment company registered under the Investment Company Act of 1940. The Fund’s assets primarily consist of a mix of cash and cash equivalents.

Prior to June 16, 2017, Altaba was known as “Yahoo! Inc.” Altaba was created from Yahoo! Inc. after the sale of its operating businesses, at which time Yahoo! Inc. reorganized as an investment company, was renamed Altaba Inc., and began trading under the Nasdaq ticker symbol AABA.

Visit www.altaba.com for more information.

https://www.businesswire.com/news/home/20230209005631/en/Altaba-Announces-Liquidating-Distribution-of-0.96-Per-Share

[Enterprising Investor]

Altaba Announces Liquidating Distribution of $0.68 Per Share (1/05/23)

NEW YORK--(BUSINESS WIRE)--Altaba Inc. (“Altaba” or the “Fund”) today announced that on Thursday, January 5, 2023, the Board approved a liquidating distribution of $0.68 per share of the Fund’s common stock, par value $0.001 per share, or $353,267,728 in the aggregate (the “Liquidating Distribution”), which will be payable on January 13, 2023.

As previously announced, at a special meeting of stockholders held on June 27, 2019, stockholders of the Fund approved a Plan of Complete Liquidation and Dissolution (the “Plan”), pursuant to which, the Fund filed a certificate of dissolution with the Secretary of State of the State of Delaware to dissolve the Fund on October 4, 2019.

On May 28, 2020, as part of the Fund’s court-supervised wind-up proceedings pursuant to Sections 280 and 281(a) of the General Corporation Law of the State of Delaware (the “DGCL”) pending before the Court of Chancery of the State of Delaware (the “Chancery Court”), the Fund filed a verified petition for determinations pursuant to Section 280 of the DGCL (the “Chancery Action”).

On June 18, 2020, the United States Department of Justice (the “DOJ”), on behalf of the United States Internal Revenue Service (the “IRS”), filed a Notice of Removal in the Chancery Court removing claims of the IRS in the Chancery Action to the United States District Court for the District of Delaware (the “District of Delaware”). The Fund, together with the DOJ, filed with the District of Delaware a Joint Motion Regarding Claims Raised by Claimant the Internal Revenue Service, following which the District of Delaware entered an order on October 26, 2020 (the “Order”) establishing a separate account in the Fund’s name with the purpose of holding an agreed upon amount as security for the claims asserted by the IRS (the “Agreed Security Amount”).

During the second quarter of 2022, the IRS approved a reduction to the Agreed Security Amount of approximately $11 million that allowed the Fund to make a distribution of such amount after October 2022. In determining the aggregate amount to be distributed in the Liquidating Distribution, the Board also took into consideration other contingencies affecting the Fund to determine the amount of funds to authorize for distribution, including, among other things, the receipt of state income tax refunds received of approximately $82 million and release of certain supplemental reserves totaling $238 million that the Fund determined were not needed.

The Liquidating Distribution represents a partial distribution of the remaining assets of the Fund. Further information regarding the amount and timing of any subsequent liquidating distributions to stockholders will be provided in subsequent press releases or filings with the SEC as such information becomes available.

About Altaba

Altaba is an independent, closed-end management investment company registered under the Investment Company Act of 1940. The Fund’s assets primarily consist of a mix of cash and cash equivalents.

Prior to June 16, 2017, Altaba was known as “Yahoo! Inc.” Altaba was created from Yahoo! Inc. after the sale of its operating businesses, at which time Yahoo! Inc. reorganized as an investment company, was renamed Altaba Inc., and began trading under the Nasdaq ticker symbol AABA.

Visit www.altaba.com for more information.

https://www.businesswire.com/news/home/20230105005860/en/Altaba-Announces-Liquidating-Distribution-of-0.68-Per-Share

[Enterprising Investor]

NAV $4.29 (12/31/22)

[Enterprising Investor]

Annual Report (12/31/22)

https://www.altaba.com/static-files/d05f7f44-02a1-4943-b17e-178c8f3d46f8

[Enterprising Investor]

NAV $5.67 (6/30/22)

[Enterprising Investor]

Semi-Annual Report (6/30/22)

https://www.altaba.com/static-files/008b1aa9-bd15-439a-8e70-26e376785206

[Enterprising Investor]

Altaba Announces Liquidating Distribution of $1.43 Per Share (7/21/22)

NEW YORK--(BUSINESS WIRE)--Altaba Inc. (“Altaba” or the “Fund”) today announced that on Wednesday, July 20, 2022, after the close of business, the Board approved a liquidating distribution of $1.43 per share of the Fund’s common stock, par value $0.001 per share, or $742,901,253 in the aggregate (the “Liquidating Distribution”), which will be payable on July 29, 2022.

As previously announced, at a special meeting of stockholders held on June 27, 2019, stockholders of the Fund approved a Plan of Complete Liquidation and Dissolution (the “Plan”), pursuant to which, the Fund filed a certificate of dissolution with the Secretary of State of the State of Delaware to dissolve the Fund on October 4, 2019.

On May 28, 2020, as part of the Fund’s court-supervised wind-up proceedings pursuant to Sections 280 and 281(a) of the General Corporation Law of the State of Delaware (the “DGCL”) pending before the Court of Chancery of the State of Delaware (the “Chancery Court”), the Fund filed a verified petition for determinations pursuant to Section 280 of the DGCL (the “Chancery Action”).

On June 23, 2022, the Company filed with the Chancery Court a Stipulation and Proposed Order Regarding Final Monetary Holdback and Security for Claim of Droplets, Inc. (the “Requested Droplets Holdback Order”) that requested entry of an order authorizing the Company to make a cash distribution to stockholders in the amount of $360,391,527, which is the amount by which the revised monetary holdback amounts for the claims asserted by Droplets, Inc. (“Droplets”), as agreed by Droplets, exceeds the total required to be reserved for such claims in the Chancery Court’s May 17, 2022 grant of Altaba’s Unopposed Motion for Certain Distributions to Stockholders. On June 23, 2022, the Chancery Court entered the Requested Droplets Holdback Order.

On June 27, 2022, the United States Court of Appeals for the Ninth Circuit (the “Ninth Circuit”) released an order affirming the settlement for the federal consumer class action brought in the United States District Court for the Northern District Court of California (the “U.S. Class Action”). In connection with the U.S. Class Action, the Company maintained a reserve of $341,250,000 (the “U.S. Class Action Holdback”). On July 19, 2022, the Ninth Circuit issued a mandate to close the U.S. Class Action and the U.S. Class Action Holdback was no longer required to be maintained.

In addition, there were certain other amounts made available for distribution upon the resolution of certain contingencies. In determining the aggregate amount to be distributed in the Liquidating Distribution, the Board also took into consideration proposed legislation changes and other contingencies affecting the Fund to determine the amount of funds to authorize for distribution.

The Liquidating Distribution represents a partial distribution of the remaining assets of the Fund. Further information regarding the amount and timing of any subsequent liquidating distributions to stockholders will be provided in subsequent press releases or filings with the SEC as such information becomes available.

About Altaba

Altaba is an independent, non-diversified, closed-end management investment company registered under the Investment Company Act of 1940. The Fund’s assets primarily consist of a mix of cash and cash equivalents.

Prior to June 16, 2017, Altaba was known as “Yahoo! Inc.” Altaba was created from Yahoo! Inc. after the sale of its operating businesses, at which time Yahoo! Inc. reorganized as an investment company, was renamed Altaba Inc., and began trading under the Nasdaq ticker symbol AABA.

Visit www.altaba.com for more information.

https://www.businesswire.com/news/home/20220721005417/en/Altaba-Announces-Liquidating-Distribution-of-1.43-Per-Share

[Enterprising Investor]

Altaba shareholders have received $9.68 in distributions since 3/31/21.

$15.43 3/31/21
($9.68) Distributions
$6.42 3/31/22
$0.67 Increase in Net Assets

[Enterprising Investor]

Altaba Announces Liquidating Distribution of $0.75 Per Share (5/27/22)

NEW YORK--(BUSINESS WIRE)--Altaba Inc. (“Altaba” or the “Fund”) today announced that on Friday, May 27, 2022, the Board approved a liquidating distribution of $0.75 per share of the Fund’s common stock, par value $0.001 per share, or $389,633,524 in the aggregate (the “Liquidating Distribution”), which will be payable on June 7, 2022.

As previously announced, at a special meeting of stockholders held on June 27, 2019, stockholders of the Fund approved a Plan of Complete Liquidation and Dissolution (the “Plan”), pursuant to which, the Fund filed a certificate of dissolution with the Secretary of State of the State of Delaware to dissolve the Fund on October 4, 2019.

On May 28, 2020, as part of the Fund’s court-supervised wind-up proceedings pursuant to Sections 280 and 281(a) of the General Corporation Law of the State of Delaware (the “DGCL”) pending before the Court of Chancery of the State of Delaware (the “Chancery Court”), the Fund filed a verified petition for determinations pursuant to Section 280 of the DGCL (the “Chancery Action”). On June 18, 2020, the United States Department of Justice (the “DOJ”), on behalf of the United States Internal Revenue Service (the “IRS”), filed a Notice of Removal in the Chancery Court removing claims of the IRS in the Chancery Action to the United States District Court for the District of Delaware (the “District of Delaware”). The Fund, together with the DOJ, filed with the District of Delaware a Joint Motion Regarding Claims Raised by Claimant the Internal Revenue Service, following which the District of Delaware entered an order on October 26, 2020 (the “Order”) establishing a separate account in the Fund’s name with the purpose of holding an agreed upon amount as security for the claims asserted by the IRS (the “Agreed Security Amount”).

On May 17, 2022, the Fund filed with the Chancery Court a Motion for Certain Distributions to Stockholders (the “Requested Distributions Order”), and the Chancery Court subsequently granted the Requested Distributions Order, that authorized the Fund to make a cash distribution to stockholders in the amount of $363,585,255, which is the amount by which the Fund’s assets exceed the aggregate security amount required to be retained by the Fund as set forth in the Chancery Court’s April 18, 2022 Memorandum Opinion. During the second quarter of 2022, the IRS approved a reduction to the Agreed Security Amount of approximately $18.1 million. In addition, there were certain other refunds received that are available for distribution. In determining the aggregate amount to be distributed in the Liquidating Distribution, the Board also took into consideration proposed legislation changes and other contingencies affecting the Fund to determine the amount of funds to authorize for distribution.

The Liquidating Distribution represents a partial distribution of the remaining assets of the Fund. Further information regarding the amount and timing of any subsequent liquidating distributions to stockholders will be provided in subsequent press releases or filings with the SEC as such information becomes available.

About Altaba
Altaba is an independent, non-diversified, closed-end management investment company registered under the Investment Company Act of 1940. The Fund’s assets primarily consist of a mix of cash and cash equivalents.

Prior to June 16, 2017, Altaba was known as “Yahoo! Inc.” Altaba was created from Yahoo! Inc. after the sale of its operating businesses, at which time Yahoo! Inc. reorganized as an investment company, was renamed Altaba Inc., and began trading under the Nasdaq ticker symbol AABA.

Visit www.altaba.com for more information.

https://www.altaba.com/news-releases/news-release-details/altaba-announces-liquidating-distribution-075-share

[Enterprising Investor]

NAV $6.42 (3/31/22)

https://www.altaba.com/static-files/11f195cd-ab9f-44ac-b0e3-d2a02802681d

[Enterprising Investor]

Altaba Announces Liquidating Distribution of $0.24 Per Share (3/07/22)

NEW YORK--(BUSINESS WIRE)--Altaba Inc. (“Altaba” or the “Fund”) today announced that on Monday, March 7, 2022, the Board of Directors of the Fund (the “Board”) approved a liquidating distribution of $0.24 per share of the Fund’s common stock, par value $0.001 per share, or $124,682,727 in the aggregate (the “Liquidating Distribution”), which will be payable on March 15, 2022.

As previously announced, at a special meeting of stockholders held on June 27, 2019, stockholders of the Fund approved a Plan of Complete Liquidation and Dissolution (the “Plan”), pursuant to which, the Fund filed a certificate of dissolution with the Secretary of State of the State of Delaware to dissolve the Fund on October 4, 2019.

On May 28, 2020, as part of the Fund’s court-supervised wind-up proceedings pursuant to Sections 280 and 281(a) of the General Corporation Law of the State of Delaware (the “DGCL”) pending before the Court of Chancery of the State of Delaware (the “Chancery Court”), the Fund filed a verified petition for determinations pursuant to Section 280 of the DGCL (the “Chancery Action”). On June 18, 2020, the United States Department of Justice (the “DOJ”), on behalf of the United States Internal Revenue Service (the “IRS”), filed a Notice of Removal in the Chancery Court removing claims of the IRS in the Chancery Action to the United States District Court for the District of Delaware (the “District of Delaware”). The Fund, together with the DOJ, filed with the District of Delaware a Joint Motion Regarding Claims Raised by Claimant the Internal Revenue Service, following which the District of Delaware entered an order on October 26, 2020 (the “Order”) establishing a separate account in the Fund’s name with the purpose of holding an agreed upon amount as security for the claims asserted by the IRS (the “Agreed Security Amount”).

During the first quarter of 2022, the IRS approved a reduction to the Agreed Security Amount of approximately $64.5 million. In addition, there were certain other refunds and reimbursements received that are available for distribution. In determining the aggregate amount to be distributed in the Liquidating Distribution, the Board also took into consideration proposed legislation changes and other contingencies affecting the Fund to determine the amount of funds to authorize for distribution.

The Liquidating Distribution represents a partial distribution of the remaining assets of the Fund. Further information regarding the amount and timing of any subsequent liquidating distributions to stockholders will be provided in subsequent press releases or filings with the SEC as such information becomes available.

About Altaba

Altaba is an independent, non-diversified, closed-end management investment company registered under the Investment Company Act of 1940. The Fund’s assets primarily consist of a mix of cash and cash equivalents.

Prior to June 16, 2017, Altaba was known as “Yahoo! Inc.” Altaba was created from Yahoo! Inc. after the sale of its operating businesses, at which time Yahoo! Inc. reorganized as an investment company, was renamed Altaba Inc., and began trading under the Nasdaq ticker symbol AABA.

Visit www.altaba.com for more information.

https://www.altaba.com/news-releases/news-release-details/altaba-announces-liquidating-distribution-024-share

[Enterprising Investor]

Altaba Announces Liquidating Distribution of $0.67 Per Share (12/21/21)

NEW YORK, December 21, 2021--(BUSINESS WIRE)--Altaba Inc. ("Altaba" or the "Fund") today announced that on Monday, December 20, 2021, after the close of business, the Board of Directors of the Fund (the "Board") approved a liquidating distribution of $0.67 per share of the Fund’s common stock, par value $0.001 per share, or $348,072,615 in the aggregate (the "Liquidating Distribution"), which will be payable on December 30, 2021.

As previously announced, at a special meeting of stockholders held on June 27, 2019, stockholders of the Fund approved a Plan of Complete Liquidation and Dissolution (the "Plan"), pursuant to which, the Fund filed a certificate of dissolution with the Secretary of State of the State of Delaware to dissolve the Fund on October 4, 2019.

On May 28, 2020, as part of the Fund’s court-supervised wind-up proceedings pursuant to Sections 280 and 281(a) of the General Corporation Law of the State of Delaware (the "DGCL") pending before the Court of Chancery of the State of Delaware (the "Chancery Court"), the Fund filed a verified petition for determinations pursuant to Section 280 of the DGCL (the "Chancery Action"). On June 18, 2020, the United States Department of Justice (the "DOJ"), on behalf of the United States Internal Revenue Service (the "IRS"), filed a Notice of Removal in the Chancery Court removing claims of the IRS in the Chancery Action to the United States District Court for the District of Delaware (the "District of Delaware"). The Fund, together with the DOJ, filed with the District of Delaware a Joint Motion Regarding Claims Raised by Claimant the Internal Revenue Service, following which the District of Delaware entered an order on October 26, 2020 (the "Order") establishing a separate account in the Fund’s name with the purpose of holding an agreed upon amount as security for the claims asserted by the IRS (the "Agreed Security Amount").

During the fourth quarter of 2021, the IRS approved a release from the Agreed Security Amount of an aggregate amount of $473,560,463. In addition, there were certain other releases of expired holdbacks that are available for distribution. In determining the aggregate amount to be distributed in the Liquidating Distribution, the Board also took into consideration various tax matters, proposed legislation changes and other contingencies affecting the Fund to determine the amount of funds to authorize for distribution.

The Liquidating Distribution represents a partial distribution of the remaining assets of the Fund. Further information regarding the amount and timing of any subsequent liquidating distributions to stockholders will be provided in subsequent press releases or filings with the SEC as such information becomes available.

About Altaba

Altaba is an independent, non-diversified, closed-end management investment company registered under the Investment Company Act of 1940. The Fund’s assets primarily consist of a mix of cash and cash equivalents.

Prior to June 16, 2017, Altaba was known as "Yahoo! Inc." Altaba was created from Yahoo! Inc. after the sale of its operating businesses, at which time Yahoo! Inc. reorganized as an investment company, was renamed Altaba Inc., and began trading under the Nasdaq ticker symbol AABA.

Visit www.altaba.com for more information.

https://www.altaba.com/news-releases/news-release-details/altaba-announces-liquidating-distribution-067-share

[Enterprising Investor]

Altaba Announces Liquidating Distribution of $0.54 Per Share (8/20/21)

NEW YORK--(BUSINESS WIRE)--Altaba Inc. (“Altaba” or the “Fund”) today announced that on August 19, 2021 the Board of Directors (the “Board”) of the Fund approved a liquidating distribution of $0.54 per share of the Fund’s common stock, par value $0.001 per share, or $280,536,137.64 in the aggregate (the “Liquidating Distribution”), which will be payable on September 1, 2021.

As previously announced, at a special meeting of stockholders held on June 27, 2019, stockholders of the Fund approved a Plan of Complete Liquidation and Dissolution (the “Plan”), pursuant to which the Fund filed a certificate of dissolution with the Secretary of State of the State of Delaware and dissolved on October 4, 2019.

On May 28, 2020, as part of the Fund’s court-supervised wind-up proceedings pursuant to Sections 280 and 281(a) of the General Corporation Law of the State of Delaware (the “DGCL”) pending before the Court of Chancery of the State of Delaware (the “Chancery Court”), the Fund filed a verified petition for determinations pursuant to Section 280 of the DGCL (the “Chancery Action”). On June 18, 2020, the United States Department of Justice (the “DOJ”), on behalf of the United States Internal Revenue Service (the “IRS”), filed a Notice of Removal in the Chancery Court removing claims of the IRS in the Chancery Action to the United States District Court for the District of Delaware (the “District of Delaware”). The Fund, together with the DOJ, filed with the District of Delaware a Joint Motion Regarding Claims Raised by Claimant the Internal Revenue Service, following which the District of Delaware entered an order on October 26, 2020 (the “Order”) establishing a separate account in the Fund’s name with the purpose of holding an agreed upon amount as security for the claims asserted by the IRS (the “Agreed Security Amount”). On June 29, 2021, pursuant to the terms of the Order, the Fund sent a Reduction Notice (as defined in the Order) to the IRS notifying the IRS that the Fund plans to make a reduction in the Agreed Security Amount by $282,967,328 (the “June Reduction Notice”). On August 13, 2021, the IRS provided the Fund with written notice that the IRS has no objection with respect to the June Reduction Notice. The Board declared the Liquidating Distribution following the IRS’s response to the June Reduction Notice.

Further information regarding the amount and timing of any subsequent liquidating distributions to stockholders will be provided in subsequent press releases or filings with the SEC as such information becomes available.

About Altaba

Altaba is an independent, non-diversified, closed-end management investment company registered under the Investment Company Act of 1940. The Fund’s assets primarily consist of a mix of cash and cash equivalents.

Prior to June 16, 2017, Altaba was known as “Yahoo! Inc.” Altaba was created from Yahoo! Inc. after the sale of its operating businesses, at which time Yahoo! Inc. reorganized as an investment company, was renamed Altaba Inc., and began trading under the Nasdaq ticker symbol AABA.

Visit www.altaba.com for more information.

https://www.altaba.com/news-releases/news-release-details/altaba-announces-liquidating-distribution-054-share

[Enterprising Investor]

NAV $15.43 (3/31/21)

Tax Updates

In March 2021 and April 2021, the Fund entered into Closing Agreements with the California Franchise Tax Board (“FTB”) regarding the Fund’s taxable years ending on December 31, 2007 through December 31, 2017 and December 31, 2018 through December 31, 2019 (“CAAgreements”). The CA Agreements are subject to standard carve-outs and exceptions. The tax obligation including penalties and interest from the CA Agreements resulted in payments of $59.9 million. While these payments were made in April 2021, the NAV per share reported at March 31, 2021 reflects the impact of the CA Agreements.

[Enterprising Investor]

Altaba Announces Liquidating Distribution of $7.48 Per Share (7/26/21)

NEW YORK--(BUSINESS WIRE)--Altaba Inc. (“Altaba” or the “Fund”) today announced that on July 23, 2021 the Board of Directors (the “Board”) of the Fund approved a liquidating distribution of $7.48 per share of the Fund’s common stock, par value $0.001 per share, or $3,885,945,017.68 in the aggregate (the “Liquidating Distribution”), which will be payable on August 5, 2021.

As previously announced, at a special meeting of stockholders held on June 27, 2019, stockholders of the Fund approved a Plan of Complete Liquidation and Dissolution (the “Plan”), pursuant to which the Fund filed a certificate of dissolution with the Secretary of State of the State of Delaware and dissolved on October 4, 2019.

On May 28, 2020, as part of the Fund’s court-supervised wind-up proceedings pursuant to Sections 280 and 281(a) of the General Corporation Law of the State of Delaware (the “DGCL”) pending before the Court of Chancery of the State of Delaware (the “Chancery Court”), the Fund filed a verified petition for determinations pursuant to Section 280 of the DGCL. The Fund filed with the Chancery Court a Motion for Partial Final Judgment on July 15, 2021, and subsequently revised such motion on July 19, 2021, following which the Chancery Court entered an order (the “Partial Final Order”) authorizing the Fund to make a cash distribution of all of the Fund’s assets in excess of the aggregate security amount required to be retained by the Fund pending adjudication of the amount of security reasonably likely to provide sufficient compensation for any claims that remain in dispute. The Board declared the Liquidating Distribution following the Chancery Court’s entry of the Partial Final Order.

Further information regarding the amount and timing of any subsequent liquidating distributions to stockholders will be provided in subsequent press releases or filings with the SEC as such information becomes available.

About Altaba

Altaba is an independent, non-diversified, closed-end management investment company registered under the Investment Company Act of 1940. The Fund’s assets primarily consist of a mix of cash and cash equivalents.

Prior to June 16, 2017, Altaba was known as “Yahoo! Inc.” Altaba was created from Yahoo! Inc. after the sale of its operating businesses, at which time Yahoo! Inc. reorganized as an investment company, was renamed Altaba Inc., and began trading under the Nasdaq ticker symbol AABA.

Visit www.altaba.com for more information.

https://www.businesswire.com/news/home/20210726005405/en/Altaba-Announces-Liquidating-Distribution-of-7.48-Per-Share

[Enterprising Investor]

2020 Annual Report

https://www.altaba.com/static-files/b0cc207f-fbfb-4d4e-b9bc-789ee5ab0876

[Enterprising Investor]

Altaba Expected to Make Another Big Shareholder Payout Under Its Liquidation Plan (2/10/21)

By Andrew Bary

Altaba has made two significant distributions to its shareholders under its liquidation plan. Now, the company, formerly Yahoo!, is expected to ask a Delaware court for authority to make another sizable payment at a hearing scheduled for April 20 to 22.

Shares of Altaba—technically liquidating escrow receipts—have traded this year around $14.50 in institutional markets. The company recently filed its annual report, disclosing a year-end 2020 net asset value of $15.50 a share

It ended 2020 with net assets of just over $8 billion, largely cash and short-term marketable securities. There are about 519.5 million shares outstanding.

Altaba shares were delisted from the Nasdaq market after the company adopted a liquidation plan in 2019 and distributed $51.50 a share to holders in September 2019. Another distribution of $8.33 a share was made in November 2020.

There has been no quoted market in Altaba shares since the delisting in October 2019. That has frustrated many individual investors, who were left with illiquid securities and no price on their Altaba holding, until many brokerage firms began putting a value on the security in monthly statements last year. Altaba has no ticker symbol. The 2020 annual report contains no comments from CEO Tom McInerney. The company has kept a low profile since the delisting of its shares in 2019

Roy Behren, the co-manager of the Merger Fund (ticker: MERFX), tells Barron’s in an email that he expects the Delaware court will approve a final liquidation plan in April that should spell out the reserves that Altaba needs to hold back against disputed financial claims. He sees a distribution of $7 to $9 a share in May, with “the remainder wrapped up by late 2022.”

The interim payment that Behren expects in May will likely be followed with one or more subsequent payments as Altaba winds down and distributes its remaining cash to holders as it resolves financial claims.

Altaba is one of the larger holdings of the $3.8 billion Merger Fund, which focuses on risk arbitrage and special situations.

Altaba trades at a small discount to its NAV to account for uncertainty about the timing and size of future payments to shareholders and the risk that it may have to pay out sizable claims to creditors. Wall Street, however, doesn’t expect any significant financial payments to creditors. That is reflected in Altaba shares, which trade close to the company’s net asset value.

The continuing wind-down of Altaba is part of a complicated story that began when Yahoo! sold its core online business to Verizon Communications (VZ) in June 2017 and changed its name to Altaba, a reference to what was then its largest asset, a valuable 15% holding in Alibaba Group Holding (BABA), the Chinese e-commerce giant.

Altaba, a closed-end fund, then went about liquidating the Alibaba stake as well as a smaller interest in Yahoo Japan (YAHOY). Altaba is the largest company ever to liquidate and distribute proceeds from its assets to its shareholders.

Barron’s has written about the Altaba liquidation situation, including an article in May 2020.

So what remains for Altaba to address before it can make final payments to its holders? The most important is an audit of its tax returns by the Internal Revenue Service.

Altaba and the IRS have agreed that Altaba would hold back about $1.7 billion for potential tax liability “subject to agreed upon mechanisms for the release of this security as portions of the IRS claims are resolved over time,” according to the annual report.

As part of its review, the IRS has proposed an additional tax liability of about $100 million, which Altaba disputes, according to the annual report.

Altaba has liabilities of $223 million on its balance sheet for deferred and other tax liabilities.

A few others have proposed that Altaba establish large reserves against disputed claims. These include Verizon and litigants related to the Yahoo! data breach from 2013 to 2016 and another related to a patent issue.

Altaba is expected to argue that the Verizon request for a $3 billion-plus reserve is unnecessary because it involves tax issues that Altaba is already addressing directly with the IRS.

There have been no claims made against Altaba by Chinese tax authorities, and the court deadline for claims submission has passed. There had been some concern in 2019 and 2020 among investors that China might seek tax payments related to Altaba’s sales of Alibaba stock.

The Altaba liquidation has gone smoothly so far, and investors are expecting that it will conclude without any major hitches.

https://www.barrons.com/articles/altaba-expected-to-make-another-big-shareholder-payout-under-its-liquidation-plan-51612975321

[Enterprising Investor]

Adjusted NAV $15.57 (10/26/20)

$23.90 (9/30/20) minus $8.33 distribution.

https://www.altaba.com/node/41826/html

[Enterprising Investor]

Altaba Announces Liquidating Distribution of $8.33 Per Share (10/26/20)

NEW YORK--(BUSINESS WIRE)--Altaba Inc. (“Altaba” or the “Fund”) today announced that on October 23, 2020 the Board of Directors (the “Board”) of the Fund approved a liquidating distribution of $8.33 per share of the Fund’s common stock, par value $0.001 per share, or $4,327,529,678.78 in the aggregate (the “Liquidating Distribution”), which will be paid on November 2, 2020 to stockholders of record as of the October 4, 2019 date of dissolution of the Fund (or, as applicable, their permitted transferees by bequest, intestacy or operation of law).

As previously announced, at a special meeting of stockholders held on June 27, 2019, stockholders of the Fund approved a Plan of Complete Liquidation and Dissolution (the “Plan”), pursuant to which the Fund filed a certificate of dissolution with the Secretary of State of the State of Delaware and dissolved on October 4, 2019.

On May 28, 2020, as part of the Fund’s court-supervised wind-up proceedings pursuant to Sections 280 and 281(a) of the General Corporation Law of the State of Delaware (the “DGCL”) pending before the Court of Chancery of the State of Delaware (the “Chancery Court”), the Fund filed a verified petition for determinations pursuant to Section 280 of the DGCL. On August 20, 2020, the Fund filed with the Chancery Court a Motion for an Interim Order Approving Interim Holdbacks and Permitting Certain Distributions to Stockholders (the “Interim Order”) to receive authorization to make a cash distribution of all of the Fund’s assets in excess of the aggregate security amount required to be retained by the Fund pending adjudication of the amount of security reasonably likely to provide sufficient compensation for any claims that remain in dispute. The Chancery Court entered the Interim Order with some modifications on October 19, 2020. On October 23, 2020, the Board declared the Liquidating Distribution, which represents a distribution of substantially all of the Fund’s assets in excess of the aggregate security amount required to be retained by the Fund pending adjudication of any remaining disputed claims.

Further information regarding the amount and timing of any subsequent liquidating distributions to stockholders will be provided in subsequent press releases or filings with the SEC as such information becomes available.

About Altaba

Altaba is an independent, non-diversified, closed-end management investment company registered under the Investment Company Act of 1940. The Fund’s assets primarily consist of a mix of cash and cash equivalents.

Prior to June 16, 2017, Altaba was known as “Yahoo! Inc.” Altaba was created from Yahoo! Inc. after the sale of its operating businesses, at which time Yahoo! Inc. reorganized as an investment company, was renamed Altaba Inc., and began trading under the Nasdaq ticker symbol AABA.

Visit www.altaba.com for more information.

https://www.businesswire.com/news/home/20201026005548/en/Altaba-Announces-Liquidating-Distribution-8.33-Share

[Enterprising Investor]

Semi-Annual Report (6/30/20)

https://www.altaba.com/static-files/8734ef85-ad18-4d09-9b63-401570243cae

[Enterprising Investor]

Since the commencement of the Fund’s Alibaba sales on 1/13/20 and through 1/21/20, the Fund has sold all 5,000,000 of its remaining Alibaba Shares at an average price per Alibaba Share of $225.72 for total proceeds of approximately $1.1 billion.

[Enterprising Investor]

Altaba Begins Sale of Remaining Stake in Alibaba (1/14/20)

By Andrew Bary

Altaba, a longtime holder of Alibaba Group Holding, has begun selling its remaining stake of five million shares in the Chinese e-commerce giant and expects to complete the sale of the entire holding in the coming days, according to a securities filing.

Altaba, which adopted a plan of liquidation last year, sold a million shares of Alibaba (ticker: BABA) on Monday at $229 a share for proceeds of $229 million. Altaba, which is organized as a closed-end fund, plans to provide daily updates on its website.

Altaba is taking advantage of gains in Alibaba stock, which has risen 35% since the end of September. The sale of its Alibaba stock could indicate that Altaba management, led by CEO Thomas McInerney, thinks this is a good time to unload the remaining stake. Altaba declined to comment on the sale.

On Tuesday, however, shares of Alibaba shares were down 1.6%, at $226.76.

Altaba stock was delisted from the Nasdaq in early October, when it filed a plan of liquidation in Delaware and the last sale was at $19.63. The shares have advanced since then in over-the-counter trading and changed hands on Monday around $21.50, according to one investor.

There is no listed market or ticker symbol now for Altaba, which has said it plans to make an initial distribution to investors in the fourth quarter of this year.

The most recent Altaba net asset value, for Sept. 30, was $23.08 a share. The current discount to net asset value reflects uncertainty about the timing liquidation payments and tax issues.

Individual investors have found it difficult or impossible to sell their Altaba stock since the delisting, and brokerage firms often show no carrying value for Altaba on client statements. This has made some investors mistakenly think that Altaba is worthless. The current over-the-counter market in Altaba is dominated by institutions.

Altaba is the former Yahoo!, which changed its name to Altaba in June 2017 after it sold its internet business to Verizon Communications (VZ). At the time, Altaba’s main asset was a 15% stake in Alibaba, some 384 million shares, which it obtained more than a decade earlier. Altaba has sold down that big stake and was left with five million shares when it moved to formally liquidate. The small stake was held for tax-planning purposes.

https://www.barrons.com/articles/altaba-begins-sale-of-remaining-alibaba-stake-51579020598

[Enterprising Investor]

Altaba Files Certificate of Dissolution (10/04/19)

NEW YORK--(BUSINESS WIRE)--Altaba Inc. (“Altaba” or the “Fund”) (NASDAQ: AABA) today announced that it filed a certificate of dissolution with the Secretary of State of the State of Delaware, as contemplated by the Plan of Complete Liquidation and Dissolution (the “Plan”) previously approved by the Fund’s Board of Directors and stockholders. The certificate of dissolution, which became effective at 4:00 p.m. Eastern Time on October 4, 2019, provides for the dissolution of the Fund under the General Corporation Law of the State of Delaware.

In connection with the filing of the certificate of dissolution, effective as of 4:00 p.m. Eastern Time on October 4, 2019, the Fund closed its stock transfer books and discontinued recording transfers of its common stock, $0.001 par value per share (the “Shares”). Record holders of Shares are no longer able to transfer record ownership of their Shares on the Fund’s stock transfer books, other than transfers by will, intestate succession or operation of law.

The Fund has requested that The Depository Trust Company (“DTC”) maintain records representing the right to receive any post-dissolution liquidating distributions, including transfers of such rights. Consequently, the Fund expects that transfers of such rights will be tracked by DTC. To the extent that a stockholder’s Shares were not held by a DTC participant as of 4:00 p.m. Eastern Time on October 4, 2019, it could be more difficult for such stockholder to transfer such stockholder’s rights to receive any post-dissolution liquidating distributions.

In addition, The Nasdaq Stock Market LLC (“Nasdaq”) halted trading in the Shares on the NASDAQ Global Select Market following the close of regular trading on October 2, 2019. Nasdaq has advised the Fund that trading in the Shares will be indefinitely suspended prior to the opening of trading on the NASDAQ Global Select Market on October 7, 2019, and that Nasdaq will thereafter file with the Securities and Exchange Commission (the “SEC”) a Notice of Removal from Listing and/or Registration on Form 25 to cause the Shares to be delisted. The Fund expects to continue to be registered as an investment company under the Investment Company Act of 1940 (the “1940 Act”) and will file reports in compliance with the 1940 Act and regulations thereunder.

Additional information regarding the Plan and the dissolution process can be found in the Fund’s Definitive Proxy Statement on Schedule 14A, filed with the SEC on May 17, 2019 (the “Proxy Statement”).

About Altaba

Altaba is an independent, non-diversified, closed-end management investment company registered under the 1940 Act. The Fund’s assets primarily consist of a mix of cash and marketable securities.

Prior to June 16, 2017, Altaba was known as “Yahoo! Inc.” Altaba was created from Yahoo! Inc. after the sale of its operating businesses, at which time Yahoo! Inc. reorganized as an investment company and was renamed Altaba Inc.

Visit www.altaba.com for more information.

https://www.businesswire.com/news/home/20191004005480/en/Altaba-Files-Certificate-Dissolution

[Enterprising Investor]

Closing price 10/02/19: $19.63

[tpg]

What about cusp no. Assigned already and oct 4 last day of trade it will be traded as pink afterwards

[Enterprising Investor]

An institutional investor that trusts the story would reinvest proceeds once paid.

This should explain why the price continues to creep up.

[tpg]

Thank you very much for this information
Appreciate it
If I buy more will that will be eligible for payout?

[Enterprising Investor]

The dividend will reduce your tax basis since the payments represent a return of capital.

Once your basis is reduced to zero, you would have a capital gain.

https://www.investopedia.com/terms/r/returnofcapital.asp

[tpg]

I was thinking I can write off my taxes on higher priced shares

[Enterprising Investor]

Holders retain rights to all future distributions.

However, I’m unclear why you would sell and buy back shares?

[tpg]

Thank you very much for your information
I have one more question if I sell the ones I bought at high price right now few and buy back at this price I still qualify for the return in future payment
Really appreciate your input

[Enterprising Investor]

If retail investors should sell, then why is the price going up?

Institutional investors must believe the 2020 payoff will be higher than $20...

[etzetrade]

Thanks for your info.