Orleans Homebuilders, Inc. (fka OHBIQ)

[momentum74]

If OHBIQ gets more bids before the bidding process is over that would be great.How much are the assets they are keeping worth?
The APA specifically excludes the Company's two communities in New York State, which are anticipated to be sold separately by the Company and which represent approximately 200 lots and work-in-process units of the Company's total approximately 4,300 lots and work-in-process units. The assets to be sold under the APA generally also do not include the Company's community property management subsidiary; the Company's mortgage broker affiliate; income tax refunds and other cash balances; or the cash surrender value of the Company's corporate-owned life insurance policies.

The Company recently received a federal income tax refund of approximately $18.2 million related to the federal income tax return in respect of 2008, filed on December 18, 2009, which was as a result of the passing of government's five-year tax loss carry back provision in late calendar 2009. This refund was paid to lenders pursuant to the terms of the credit agreement. The Company also announced that it intends to immediately file an amended 2008 federal tax return, which would entitle it to receive an additional federal income tax refund of approximately $3.5 million. There can be no assurance as to the amount or timing of receipt of any such refund

Stalking-Horse Bid definition
What Does Stalking-Horse Bid Mean?
An initial bid on a bankrupt company's assets from an interested buyer chosen by the bankrupt company. From a pool of bidders, the bankrupt company chooses the stalking horse to make the first bid.
Investopedia explains Stalking-Horse Bid
This method allows the distressed company to avoid low bids on its assets. Once the stalking horse has made its bid, other potential buyers may submit competing bids for the bankrupt company's assets. In essence, the stalking horse sets the bar so that other bidders can't low-ball the purchase price.Filed Under:
http://www.investopedia.com/terms/s/stalkinghorsebid.asp