Friday, October 28, 2005 1:51:09 PM
No, my earnings projection includes nothing for an adjustment to Federal Insurance. My reasoning is summed up in the following post:
Posted by: rmarchma
In reply to: georgebailey who wrote msg# 129373 Date:10/12/2005 9:28:46 AM
Post #of 130812
GBailey re IDCC accruing additional amounts for Federal you asked:
..."Rmarchma- Will IDC have to accrue the Federated 30 million as an expense in the 4th qtr?"
First IDCC has already accrued $3.4m of this potential obligation to Federal in 2003, probably based upon a strict interpretation of the reimbursement agreement to include the Ericy and S/E stated "settlement amount" of $34m at 10%. Any additional amounts owed Federal beyond the $3.4m will be dependent upon an arbitration ruling. Therefore I don't think IDCC needs to accrue any additional expense associated with Federal until after the arbitration panel makes its ruling. However, IDCC will probably have to disclose more information about the Federal matter, and why Federal is claiming that IDCC owes a total of $28m.
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