Malan liquidating, congratulations!
The agreement has been extended on a month to month basis. Although the Company believes the statements and projections are based upon reasonable assumptions, actual results may differ from those projected. The Company has subsequently extinguished both letters of credit. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company's consolidated financial position, results of operations and cash flows have been included.
Sources of Capital The Company anticipates that its cash flow from operations will be sufficient to fund its cash needs for payment of operating expenses and anticipated capital expenditures. The loan is collateralized by the Company's shopping center development in Lawrence, Kansas. Requirements of the bond include an irrevocable letter of credit in the total amount of the bond.
Inflation Some of the Company's long-term leases contain provisions to mitigate the adverse impact of inflation on its results from operations. Thirteen of the Company's properties are encumbered by a cross collateralized loan, which contains restrictions on prepayment. Gains or losses resulting from changes in the value of those derivatives would be accounted for depending on the use of the derivatives and whether they qualify for hedge accounting. The results of such interim periods are not necessarily indicative of the results of operations for the full year.
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Clinton Pointe Shopping Clinton Twp. The remaining balance of the loan was repaid in August out of available working capital. Such capital expenditures typically include roof, parking lot and other structural repairs, some of which are reimbursed by tenants.
Under the liquidation basis of accounting, the Company is required to estimate and record the costs associated with executing the Plan of Liquidation as a liability. Environmental Issues Prospective buyers of the Company's properties have raised environmental questions on certain properties during the due diligence period of purchase contracts. Two possible reasons could be the discovery of new environmental issues or loss of a tenant, although there could be other reasons. The remaining balance of the loan was repaid in February out of available working capital.
Malan Liquidating Trust
The decision was upheld by the Court in September ruling in Gramer's favor in a lump sum amount. Reclassifications - Certain reclassifications have been made to prior years financial statements in order to conform with the current year presentation. In open market purchases ceased and Debentures were retired using a redemption process.
The Company was unable to resolve certain issues regarding property usage in order to facilitate completion of the sale and in July the agreement was terminated. The valuation of real estate held for sale is based on current contracts, estimates and other indications of sales value net of estimated selling costs. Gramer contends that he is entitled under his agreements with the Company to both change in control payments and termination payments through December in a lump sum.
Principles of Consolidation - The accompanying consolidated financial statements include the activity of the Company and its wholly owned subsidiaries, Malan Mortgagor, Inc. The portion of the Debentures being called were redeemed at par, plus accrued but unpaid interest, and retired. Broderick have an agreement for Mr. The liquidation process is expected to take up to twenty-four months from the date of approval to complete, lectii de portugheza online dating although it could take longer. These costs are estimates and are expected to be paid out over the liquidation period.
Developments and Redevelopments Consistent with the Plan of Liquidation discussed below, the Company does not anticipate any further new developments or redevelopments. The stated range of shareholder distributions are estimates and actual results may be higher or lower than estimated. The Company's derivatives consist of interest rate cap agreements which the Company purchased to reduce its exposure to interest rate volatility on its floating rate debt.
The Company filed a petition with the Michigan Supreme Court to review the appellate court decision. Terms of the letter of credit, which was issued by Bank One, included a reduction in the available borrowing on the Company's line of credit in the principal amount of the letter. Actual values realized for assets and settlement of liabilities may differ materially from the amounts estimated. The line was used to collateralize two separate standby letters of credit issued by the bank.
These expenditures are generally funded by operating cash flows. Actual results could differ from those estimates. Certain of the Company's debt obligations contain cross-default and cross-acceleration provisions. The precise timing of distributions was uncertain. Subject to limited exceptions related to transfer by will, intestate succession or operation of law, the units will not be transferable.