Request for Question Clarification by
rainbow-ga
on
24 Oct 2006 04:33 PDT
Please let me know if this is what you are looking for:
ByteTaxi, Inc. Termination Agreement, Gain on Sale and Losses from
Discontinued Operations
"In the first quarter of 2005, we acquired a 10% ownership interest in
ByteTaxi, Inc., a start-up software development company, with an
option to purchase up to 29% of the company. Under the agreement, we
received exclusive license rights to certain products, including
ByteTaxi?s FolderShareTM software. Because we were the primary
beneficiary of ByteTaxi?s operations, we were required to consolidate
ByteTaxi?s operations under FASB Interpretation No. 46, ?Consolidation
of Variable Interest Entities? (?FIN 46?). While consolidated under
FIN 46, ByteTaxi, Inc. was reported under the CSS segment.
During the fourth quarter of 2005, we reached an agreement to sell our
investment in ByteTaxi, Inc. Specifically, on October 28, 2005,
Iomega, ByteTaxi, Inc., and certain major shareholders of ByteTaxi,
Inc. entered into a Termination Agreement, under which we would
receive a total of $2.9 million (payable as described below) in return
for the sale of our equity ownership of ByteTaxi, Inc. and termination
of our distribution rights to FolderShareTM software. This Agreement
was part of a larger series of transactions whereby Microsoft
Corporation purchased all of the stock of ByteTaxi, Inc. We received a
cash payment of $2.4 million on October 28, 2005 and the remaining
funds (approximately $0.5 million) are to be paid during the fourth
quarter of 2006, subject to the satisfaction of certain escrow and
indemnity terms."
http://www.secinfo.com/d14D5a.v1WYm.htm (page 34)
Looking forward to your clarification.
Rainbow~
