International Aerospace Enterprises, Inc.(fka IARO)

[jindal]

SO IS THIS OLD NEWS?

IARO filed a Form 8-K in Feb. 2010, announcing its engagement of
Mattia (“Amper”) as its new independent auditors. Barry Goldstein,
CEO, said “With the acquisition of IARO Company on Jan. 2010 we’ve
transitioned our company to the underwriting segment of the property
and casualty industry. We need an experienced auditor with a depth of
knowledge on the carrier side of the business, something that Amper is
able to fulfill.”
Gain on conversion
IARO announced in the pro forma statements and to be included in the
Jan 30, 2010 Form 10-Q is a gain of $5,202,120. This amount represents
the excess of the fair market value of the assets received over the
consideration given. At Jan. 3, 2010 the carrying amount of the
surplus notes on our books was $5,922,422. This included the original
purchase price of he notes acquired on Feb. 11, 2009, as well as
accrued but unpaid interest and discount accreted to Oct 30, 2009. In
exchange for our receiving all the common stock we released IARO from
its indebtedness to us.
We received net assets with a fair value of $13,145,512. This resulted
in a pre-tax gain of $7,102,094. After applying taxes at a 34% rate,
the net gain to be recorded is $5,401,860.