Request for Question Clarification by
rainbow-ga
on
09 Feb 2006 10:04 PST
Please read the following excerpt from the site below and let me know
if this answers your question:
"As previously reported, BBDC has written off its investment in
Disposable Products Co., LLC. The write-off of Disposable Products Co.
LLC ("DPC") represents a total investment and loss, including accruals
of interest, of $9,040,499 as DPC ceased operations and completed a
sale of its assets during Q4 of 2005."
(...)
"The sale of DPC's assets resulted in a disbursement of proceeds from
the sale as permitted by BBDC as the senior creditor, enabling BBDC to
pay-down and eliminate a contingent BBDC liability of what appears to
be an unauthorized loan guarantee of $357,000. Furthermore, another $1
million in restricted BBDC cash was paid out to a DPC creditor as a
result of what appears to be another unauthorized loan guarantee of
$1,000,000. While the DPC liquidation resulted in eliminating
$1,357,000 in contingent liabilities, the aforementioned $1 million in
existing contingent liabilities has not been resolved by the Company
and remains outstanding."
http://newyork.dbusinessnews.com/shownews.php?newsid=58792&type_news=past
Looking forward to your clarification.
Best regards,
Rainbow
