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PREX: The final payment made on April 19, 2021 will account for all funds previously deposited with the Trustee and no future payments will be made related to the CVOs.
FINRA deleted symbol:
https://otce.finra.org/otce/dailyList?viewType=Deletions
Holders of record on 3/29/21 will receive approximately $1.03 per outstanding CVO.
Approximately $.7004 of each $1.03 will be reported as interest income to the Internal Revenue Service.
The final payment to be made on 4/19/21 to the Record Holders will account for all funds previously deposited with the Trustee and no future payments will be made related to the CVOs.
Quarterly Report to Holders of CVOs for QE 4Q2020 (3/24/21)
https://www.sec.gov/Archives/edgar/data/0001094093/000109409321000004/cvo-20201231xcvoexhibit991.htm
Following since you brought this one to my attention.
Deposits with Trustee now total $101.4 million.
Initial purchase today.
I was not expecting to see the market price dropping below $.60 per share, but a downtrend started in late November.
so u are still following her huh.. i never bought any...
For federal income tax reporting purposes, the Company will treat 54.5 cents as the fair market value of each CVO issued on November 30, 2000, the effective date of the share exchange. That amount is the average of the reported high and low trading prices of the CVOs on the NASDAQ Over-the-Counter Market on November 30, 2000. If you received your CVOs in the share exchange, your tax basis for your CVOs is 54.5 cents.
Quarterly Report to Holders of CVOs for QE 3Q2020 (11/23/20)
https://www.sec.gov/Archives/edgar/data/1094093/000109409320000012/cvo-20200930xcvoex991.htm
Quarterly Report to Holders of CVOs for QE 2Q2020 (8/24/20)
https://www.sec.gov/Archives/edgar/data/1094093/000109409320000009/cvo-20200630xcvoexhibi.htm
Quarterly Report to Holders of CVOs for QE 1Q2020 (5/22/20)
https://www.sec.gov/Archives/edgar/data/1094093/000109409320000007/cvo-20200331xcvoex991.htm
Quarterly Report to Holders of CVOs for QE 4Q2019 (4/23/20)
https://www.sec.gov/Archives/edgar/data/1094093/000109409320000004/cvo-20191231xcvoexhibi.htm
Quarterly Report to Holders of CVOs for QE 3Q2019 (11/22/19)
https://www.sec.gov/Archives/edgar/data/1094093/000109409319000016/cvo-20190930ex991.htm
PREX~~wake up people ,believe you or not DOLLARS HERE COMING
PREX~~.55 callMONSTA HUGE,,Quarterly Report to Holders of Contingent Value Obligations for the Quarter Ended March 31, 2018
May 24, 2018
To Holders of Contingent Value Obligations:
Overview
There are currently 98.6 million Contingent Value Obligations (CVOs) issued and outstanding. CVOs were issued as a result of the Progress Energy, Inc. (Progress Energy or the Company) and Florida Progress Corporation share exchange on November 30, 2000. For every Florida Progress Corporation share owned at that time, one CVO was issued. As of May 24, 2018 , Progress Energy has repurchased and holds 83.4 million of the outstanding CVOs.
https://backend.otcmarkets.com/otcapi/company/sec-filings/12775654/content/html#CVO-20180331XCVOEXHIBIT991_HTM
PREX~~could run CRAZY,I live in NC
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There are currently 98.6 million Contingent Value Obligations (CVOs) issued and outstanding. CVOs were issued as a result of the Progress Energy, Inc. and Florida Progress Corporation share exchange on November 30, 2000. For every Florida Progress Corporation share owned at that time, one CVO was issued. As of May 22, 2020, Progress Energy has repurchased and holds 83.4 million of the outstanding CVOs.
Each CVO represents the right of the holder to receive contingent payments, based on the net after-tax cash flow generated by the synthetic fuels plants previously owned by Solid Energy LLC, Ceredo Synfuel LLC, Solid Fuel LLC and Sandy River LLC (the Earthco plants). Qualifying synthetic fuels plants entitled their owners to federal income tax credits based on the barrel of oil equivalent of the synthetic fuels produced and sold by these plants. In the aggregate, holders of CVOs are entitled to payments equal to 50% of any net after-tax cash flow generated by the Earthco plants in excess of $80 million per year for each of the years 2001 through 2007. The synthetic fuels tax credit program expired on December 31, 2007, and all operations ceased.
As disclosed in previous reports, some tax credits generated by the Earthco plants in the years 2001 through 2007 were not realized or included in net after-tax cash flows for those years and are available to be realized in the future. CVO holders may be entitled to payment for those operation years if the sum of the carry forward tax credits realized and the net after-tax cash flows for the period the tax credits were generated exceed $80 million. As described above, the CVO holders are entitled to 50% of the amounts realized greater than $80 million.
Upon the disposition of any interest in the Earthco plants to a third party prior to 2008, CVO holders may be entitled to share the cash proceeds received by the Company from the third party. The CVO holders’ share of such disposition proceeds is based upon the CVO holders’ share of net after-tax cash flows generated in the years prior to the disposition.
All payments are first deposited with the CVO trustee (the Trustee) in accordance with the legal documents governing the CVOs (the CVO Agreement). Net after-tax cash flow and carry forward credit payments will not generally be made to CVO holders until audit matters are resolved for the years of the tax returns in which the tax credits giving rise to the payments are realized. The Company cannot predict when the audit matters for the tax return years in which tax credits are realized will be resolved. Based on past tax audit experience, the Company’s tax audits could take many years to resolve. Disposition proceeds payments will not generally be made to CVO holders until the termination of all indemnity obligations under the purchase and sale agreement related to the disposition.
For purposes of calculating CVO payments, net after-tax cash flows include the taxable income or loss for the Earthco plants adjusted for depreciation and other noncash items plus income tax benefits, and minus income tax incurred. The total amount of net after-tax cash flow for any year will depend upon the final determination of the income tax benefits realized and the income taxes incurred after completion of the income tax audits. Thus, the estimated after-tax cash flow generated by the Earthco plants could increase or decrease due to changes in income taxes for the year.
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