Sunday, February 10, 2008 1:11:24 PM
From today's CEOCast newsletter...
http://www.ceocast.com/(3gbgcjqgwuaic5far0detk45)/NewsLetters.aspx?id=434&mode=
"Volume Alert: Shares of Home Solutions of America, Inc. (OTC: HSOA), a company that provides restoration, construction, and interior services to commercial and residential properties, jumped 33% on Friday on more than three times average volume after the company in a regulatory filing said it had settled its initial claim on the Vista Royale Condominiums component of the Florida Insurance Guarantee Association construction recovery claim, for $35 million.
After deduction for monies previously paid as well as payments to the Vista Homeowner's Association, certain legal fees and payments made to select subcontractors, the company received approximately $14 million.
The company has two additional unresolved claims with FIGA for work completed on the Delmar Condominiums and Tropic Villa Condominiums in Florida which the company continues to pursue. The company also entered into a Forbearance Agreement with its lenders under its Revolving Credit Facility, Term Loan and Letter of Credit Facility.
Under the Forbearance Agreement, the company paid $10.1 million in principal from the FIGA proceeds, which reduced the outstanding amounts due under the facilities to $39.9 million, in exchange for the lenders agreeing to forego taking any action permitted under the original credit facility until July 1, 2008.
Shares increased by 13 cents, to finish the week at $0.68. "
Flatsixer
http://www.ceocast.com/(3gbgcjqgwuaic5far0detk45)/NewsLetters.aspx?id=434&mode=
"Volume Alert: Shares of Home Solutions of America, Inc. (OTC: HSOA), a company that provides restoration, construction, and interior services to commercial and residential properties, jumped 33% on Friday on more than three times average volume after the company in a regulatory filing said it had settled its initial claim on the Vista Royale Condominiums component of the Florida Insurance Guarantee Association construction recovery claim, for $35 million.
After deduction for monies previously paid as well as payments to the Vista Homeowner's Association, certain legal fees and payments made to select subcontractors, the company received approximately $14 million.
The company has two additional unresolved claims with FIGA for work completed on the Delmar Condominiums and Tropic Villa Condominiums in Florida which the company continues to pursue. The company also entered into a Forbearance Agreement with its lenders under its Revolving Credit Facility, Term Loan and Letter of Credit Facility.
Under the Forbearance Agreement, the company paid $10.1 million in principal from the FIGA proceeds, which reduced the outstanding amounts due under the facilities to $39.9 million, in exchange for the lenders agreeing to forego taking any action permitted under the original credit facility until July 1, 2008.
Shares increased by 13 cents, to finish the week at $0.68. "
Flatsixer
Flatsixer2@Yahoo.com
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