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Re: calhawk01 post# 14

Thursday, 12/10/2009 5:06:37 PM

Thursday, December 10, 2009 5:06:37 PM

Post# of 49
NO, they are liquidating the company, not making millions. Did you read the filing? They currently expect to pay .31 per common share to shareholders IF everything works out but they can't say when that will occur IF it occurs at all.

copy:

These projected payments are based on significant estimates and judgments. Through the liquidation period, if the Company is able to generate cash proceeds in excess of what is needed to satisfy all the Company’s obligations, the Company will distribute any such proceeds to shareholders. The actual amount and timing of cash distributions to creditors and shareholders will depend on a variety of factors, including, but not limited to, the collection of a federal income tax refund, sale of the Company’s corporate headquarters, collection of the remaining future proceeds from the sale of Crave, ultimate settlement amounts of the Company’s liabilities and obligations, in particular the Company’s pension obligations and taxes, actual costs incurred in connection with the wind down of operations and market fluctuations as it relates to the Company’s U.S. and Canadian pension plans. In addition, the timing of cash distributions may be subject to the IRS statute of limitations for an examination of the net operating loss carryback and related income tax refund. The aggregate amount of distributions to shareholders is currently expected to be approximately $0.31 per share of common stock based on net assets as of October 31, 2009; however, the actual amount of cash remaining for distribution to shareholders following completion of the liquidation, the dissolution of the Company and the receipt and potential examination by the IRS of the income tax refund could vary significantly from current estimates and could even result in no excess cash available for distribution.

The Company intends to liquidate its occupied corporate office
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