Asyst Technologies, Inc. (fka ASYTQ)

[trader53]

BILLMEBABY > ASYTQ has NO $77M Liability !!!


MARCH 10, 2010
ASYTQ 8-K
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7121392

5. Plan Objections .

In response to the Plan Objections by Crossing Automation, Inc. (“Crossing”) and Intel Corporation (“Intel” and, together with Crossing, “Crossing/Intel”), on the one hand, the Debtor and Key Bank, as agent for the pre-petition lenders (“Debtor/Key Bank”), on the other hand, agreed on the record that $254,175.06 shall be paid forthwith by the Debtor to Crossing.

Upon such payment, Crossing/Intel on the one hand, and Debtor/Key Bank, on the other, shall generally and mutually release each other from any and all claims whatsoever, known or unknown, arising in or any way related to the Asyst bankruptcy case and the parties expressly waive the protection of Cal. Civ. Code 1542 , which is incorporated herein.

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Pre-Petition Liabilities of $77million, from the February 2010 8K.

Pre-petition Liability:

A liability that a company incurs before filing for bankruptcy protection. Most pre-petition liabilities are reduced or discharged in bankruptcy proceedings; the person or company to whom a prepetition liability is due should not expect to receive the full value of the liability unless it is secured by some asset. A pre-petition liability contrasts with a post-petition liability, which usually must be paid in full.

"Secured claims total of $77 million was obtained from the Schedule of Assets and Liabilities and represents guarantees made by the Company as defined in the Creditor Agreement dated July 27, 2007. As the secured claims are not directly held by the Company, these amounts are not presented in the Company’s balance sheet. "

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7070883