$TPHS
Trinity Place Holdings Inc.

2012 Q1 Form 10-K Financial Statement

#000114420412032018 Filed on May 25, 2012

View on sec.gov

Income Statement

Concept 2012 Q1 2011 Q4 2011 Q1
Revenue $100.9M
YoY Change -12.64%
Cost Of Revenue $69.30M
YoY Change -10.58%
Gross Profit $31.60M
YoY Change -16.84%
Gross Profit Margin 31.32%
Selling, General & Admin $45.50M
YoY Change -9.0%
% of Gross Profit 143.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.530M $4.380M
YoY Change -24.25% 26.96%
% of Gross Profit 13.86%
Operating Expenses $49.60M
YoY Change -7.12%
Operating Profit -$18.00M
YoY Change 16.88%
Interest Expense -$200.0K
YoY Change 100.0%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$28.40M
YoY Change 70.06%
Income Tax -$10.60M
% Of Pretax Income
Net Earnings -$17.80M
YoY Change 140.54%
Net Earnings / Revenue -17.64%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.236M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q1 2011 Q4 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.30M $45.00M $2.300M
YoY Change 1043.48% 1116.22% 15.0%
Cash & Equivalents $26.30M $2.275M $2.298M
Short-Term Investments
Other Short-Term Assets $9.500M $9.900M $7.300M
YoY Change 30.14% 22.22% -3.95%
Inventory $0.00 $0.00 $76.60M
Prepaid Expenses
Receivables $2.700M $10.90M $2.600M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $178.2M $65.80M $99.94M
YoY Change 78.3% -46.37% 5.2%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00 $54.94M
YoY Change -100.0% -100.0% -56.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $7.417M
YoY Change -100.0% -100.0% -80.68%
Total Long-Term Assets $0.00 $146.8M $170.8M
YoY Change -100.0% -19.03% -1.87%
TOTAL ASSETS
Total Short-Term Assets $178.2M $65.80M $99.94M
Total Long-Term Assets $0.00 $146.8M $170.8M
Total Assets $178.2M $212.6M $270.8M
YoY Change -34.19% -30.07% 0.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.56M $34.60M $41.70M
YoY Change -26.73% -31.35% -12.02%
Accrued Expenses $32.98M $51.10M $21.11M
YoY Change 56.18% 149.27% 113.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $56.50M
YoY Change
Total Short-Term Liabilities $157.0M $103.5M $68.37M
YoY Change 129.62% 45.98% 19.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $30.19M
YoY Change -100.0% -100.0% 259.43%
Other Long-Term Liabilities $4.600M $109.1M $11.23M
YoY Change -59.03% 865.49% 35.29%
Total Long-Term Liabilities $4.600M $109.1M $41.42M
YoY Change -88.89% 100.92% 148.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $157.0M $103.5M $68.37M
Total Long-Term Liabilities $4.600M $109.1M $41.42M
Total Liabilities $157.0M $212.6M $109.8M
YoY Change 42.99% 69.67% 48.37%
SHAREHOLDERS EQUITY
Retained Earnings $187.2M
YoY Change
Common Stock $800.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $47.11M
YoY Change
Treasury Stock Shares 4.448M shares 4.448M shares
Shareholders Equity $21.20M $84.96M $161.0M
YoY Change
Total Liabilities & Shareholders Equity $157.0M $212.6M $270.8M
YoY Change -42.02% -30.07% 0.62%

Cashflow Statement

Concept 2012 Q1 2011 Q4 2011 Q1
OPERATING ACTIVITIES
Net Income -$17.80M
YoY Change 140.54%
Depreciation, Depletion And Amortization $2.530M $4.380M
YoY Change -24.25% 26.96%
Cash From Operating Activities -$2.840M $8.440M
YoY Change -71.94% -52.64%
INVESTING ACTIVITIES
Capital Expenditures -$90.00K -$1.460M
YoY Change -98.51% -34.82%
Acquisitions
YoY Change
Other Investing Activities $3.810M $4.350M
YoY Change 7150.0%
Cash From Investing Activities $3.720M $2.900M
YoY Change -161.49% -232.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.020M -12.79M
YoY Change -105.99% -47.94%
NET CHANGE
Cash From Operating Activities -2.840M 8.440M
Cash From Investing Activities 3.720M 2.900M
Cash From Financing Activities -1.020M -12.79M
Net Change In Cash -140.0K -1.450M
YoY Change -116.28% -83.78%
FREE CASH FLOW
Cash From Operating Activities -$2.840M $8.440M
Capital Expenditures -$90.00K -$1.460M
Free Cash Flow -$2.750M $9.900M
YoY Change -32.6% -50.65%

Facts In Submission

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CY2012 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-transform: uppercase; text-align: justify; text-indent: -22.3pt"> <font style="text-underline-style: none">NOTE 1 &#x2013; BASIS OF PRESENTATION</font></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-transform: uppercase; text-align: justify; text-indent: -22.3pt"> <font style="text-underline-style: none">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify; text-indent: -22.3pt"> <b>Disposition of the Company&#x2019;s and Filene&#x2019;s Businesses</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify; text-indent: -22.3pt"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> On November 2, 2011, Syms Corp. and its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of Title 11 of the United States Code (&#x201C;Bankruptcy Code&#x201D; or &#x201C;Chapter 11&#x201D;) in the United States Bankruptcy Court for the District of Delaware (&#x201C;Court&#x201D;).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> Prior to November 2, 2011, all of the Company&#x2019;s and Filene&#x2019;s business operations consisted primarily of running retail operations. As the economy worsened, sales continued to erode and, as a result, cash flow suffered. Notwithstanding the best efforts of the Company and Filene&#x2019;s, significant operational losses continued to threaten the on-going businesses. Trade vendors tightened and/or ceased credit terms. As a result, the Company and Filene&#x2019;s projected that, absent additional financing or measures to monetize certain assets, liquidity would cease to exist.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> At a meeting held on November 1, 2011, the Company&#x2019;s Board of Directors determined that it was in the best interests of the Company and its shareholders for it and its subsidiaries to file voluntary petitions for reorganization under Chapter 11 and liquidate the retail operations. On November 2, 2011, the Company and Filene&#x2019;s filed for voluntary petitions for reorganization under Chapter 11 in Delaware.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> If the Company and Filene&#x2019;s are able to generate value in excess of what is needed to satisfy all of their obligations, the Company will distribute any such excess to shareholders; the actual amount and timing of future distributions, if any, to shareholders, will depend upon a variety of factors, including, but not limited to, disposal of real estate assets, and ultimate settlement amounts of the Company&#x2019;s and Filene&#x2019;s liabilities and obligations, including lease obligations and actual costs incurred in connection with the Chapter 11 case. In response to the Chapter 11 filing the Company adopted the liquidation basis of accounting effective on October 30, 2011, which was the beginning of the fiscal month closest to the petition date. Net operating results from October 30 to November 1, 2011 were not material.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> The consolidated financial statements for the period ended October 29, 2011 were prepared on the going concern basis of accounting, which contemplated realization of assets and satisfaction of liabilities in the normal course of business. In the opinion of management, the accompanying Statements of Operations and Cash Flows for the period ended October 29, 2011 contain all adjustments, including normal recurring adjustments, necessary to present fairly the shareholders&#x2019; equity of the Company as of October 29, 2011.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify; text-indent: -22.3pt"> <b>Description of Former Business Operations</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify; text-indent: -22.3pt"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> The Company&#x2019;s 46 stores offered a broad range of &#x201C;off-price&#x201D; first quality, in-season merchandise consisting primarily of, women&#x2019;s dresses, suits, separates and accessories, men&#x2019;s tailored clothing and haberdashery, children&#x2019;s apparel, luggage, domestics and fragrances and shoes. The stores emphasized first quality, nationally recognized designer and brand name merchandise at prices substantially below those generally found in department and specialty stores. The stores carried a wide selection of sizes and styles of men&#x2019;s, women&#x2019;s and children&#x2019;s wear. In addition several stores also carried a selection of fine jewelry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify; text-indent: -22.3pt"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> The Company had no foreign operations. No material part of the Company&#x2019;s revenues was received from a single customer or group of customers. Please refer to Note 2 of the Notes to Consolidated Financial Statements for information on segment reporting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify; text-indent: -22.3pt"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify; text-indent: -22.3pt"> <i>Liquidation Basis of Accounting</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify; text-indent: -22.3pt"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> The liquidation basis of accounting is appropriate when the liquidation of a company appears imminent and the net realizable value of its assets is reasonably determinable. Accordingly, the Company implemented the liquidation basis of accounting effective on October 30, 2011. Under this basis of accounting, assets and liabilities are stated at their net realizable value and estimated costs over the anticipated period of liquidation are accrued to the extent reasonably determinable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: center; text-indent: -22.3pt"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: center; text-indent: -22.3pt"> &#xA0;&#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> The transition from the going concern basis of accounting to the liquidation basis of accounting required management to make significant estimates and judgments. The recording of assets at estimated net realizable value and liabilities at estimated settlement amounts under the liquidation basis of accounting required the Company to record the following adjustments as of October 30, 2011, (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"> Adjust assets and liabilities</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Amount</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td colspan="2" style="text-align: center">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 87%; text-align: left; text-indent: 0in">Write up of real estate to estimated net realizable value</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">(78,604</td> <td style="width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0in">Estimated lease settlement costs</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">51,150</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; text-indent: 0in">Write down of other fixed assets</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">35,567</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0in">Reversal of existing deferred rent liability</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">(8,741</td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; text-indent: 0in">Write up of inventory to net realizable value</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">(6,063</td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0in">Write down of pre paid assets</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">3,000</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0in">Other liquidation adjustments</td> <td style="padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; text-align: right"> (1,365</td> <td style="padding-bottom: 1pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; text-indent: 0in"> Total</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right">(5,056</td> <td style="font-weight: bold; text-align: left">)</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> The Company adjusted the real estate assets to reflect the estimated net realizable value of owned property. This value was estimated, with the input of a third party valuation expert, by assessing several possible sales alternatives and weighting the estimated value realized in each of those alternatives according to management&#x2019;s best estimate of the likelihood of each alternative being achieved. These alternatives included selling the properties in the short term as vacant, unleased properties and selling the properties within two to three years after having identified and secured new tenants. These sales alternatives produced a possible range of net realizable values between $135.0 million and $185.0 million. The basis for determining this range of estimated net realizable values took into consideration many factors which are difficult to predict, including but not limited to local market conditions, vacancy rates, redevelopment opportunities, investor types/profiles, and anticipated timing of sale transactions. Based on management&#x2019;s weighting of the likelihood of each alternative being achieved an estimated net realizable value of real estate of $146.8 million was recorded at October 30, 2011. While this amount represents management&#x2019;s best estimate at the time of finalizing the accompanying statement of net assets, the amount ultimately realized in the sale of the real estate could materially differ from this estimate. However, this estimate should not be construed as a final determination by the Company to liquidate all its owned real estate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify; text-indent: -22.3pt"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> As of November 15, 2011, the Company and Filene&#x2019;s entered into an agency agreement to liquidate all of their inventory, furniture and fixtures.&#xA0;&#xA0; The agent guaranteed the debtors&#x2019; receipt of 90% of the aggregate cost value of merchandise, subject to certain inventory levels and cost factor adjustments.&#xA0; In addition, the agent agreed to a furniture and fixture guarantee of $2 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify; text-indent: -22.3pt"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> As a result of the adoption of the liquidation basis of accounting, the Company recorded the estimated cost for settling the existing leases at a total of $56.6 million, adjusted for the Company&#x2019;s settlement to terminate its lease at 530 Fifth Avenue, which settlement was approved by the Bankruptcy Court on January 6, 2012. This required an accrual of $51.1 million at October 30, 2011, in addition to the lease exit accrual already recorded for the Paramus and Plano locations of $5.5 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify; text-indent: -22.3pt"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> The Company and Filene&#x2019;s reviewed all other remaining operating expenses and contractual commitments such as payroll and related expenses, lease termination costs, professional fees and other outside services to determine their best estimate of costs to be incurred during the liquidation period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify; text-indent: -22.3pt"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> The Company and Filene&#x2019;s were required to make significant estimates and exercise judgment in determining the accrued costs of liquidation at October 30, 2011 and February 25, 2012. Upon transition to the liquidation basis of accounting, the Company and Filene&#x2019;s accrued the following costs expected to be incurred in liquidation (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: center; text-indent: -22.3pt"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: center; text-indent: -22.3pt"> &#xA0;<b>&#xA0;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: left; text-indent: -22.3pt"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: left; text-indent: -22.3pt"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><u>Estimated costs of liquidation</u></td> <td>&#xA0;</td> <td colspan="2" style="text-align: center">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td colspan="2" style="text-align: center">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td colspan="2" style="text-align: center">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td colspan="2" style="text-align: center">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td>&#xA0;</td> <td>&#xA0;</td> <td colspan="2" style="text-align: center">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td colspan="2" style="text-align: center">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td colspan="2" style="text-align: center">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td colspan="2" style="text-align: center">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap">&#xA0;</td> <td nowrap="nowrap">&#xA0;</td> <td colspan="2" nowrap="nowrap" style="text-align: center">Balance at</td> <td nowrap="nowrap">&#xA0;</td> <td nowrap="nowrap">&#xA0;</td> <td colspan="2" nowrap="nowrap" style="text-align: center"> Adjustments</td> <td nowrap="nowrap">&#xA0;</td> <td nowrap="nowrap">&#xA0;</td> <td colspan="2" nowrap="nowrap" style="text-align: center"> &#xA0;</td> <td nowrap="nowrap">&#xA0;</td> <td nowrap="nowrap">&#xA0;</td> <td colspan="2" nowrap="nowrap" style="text-align: center">Balance at</td> <td nowrap="nowrap">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap">&#xA0;</td> <td nowrap="nowrap" style="padding-bottom: 1pt">&#xA0;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">October 30, 2011</td> <td nowrap="nowrap" style="padding-bottom: 1pt">&#xA0;</td> <td nowrap="nowrap" style="padding-bottom: 1pt">&#xA0;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">to Reserves</td> <td nowrap="nowrap" style="padding-bottom: 1pt">&#xA0;</td> <td nowrap="nowrap" style="padding-bottom: 1pt">&#xA0;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">Payments</td> <td nowrap="nowrap" style="padding-bottom: 1pt">&#xA0;</td> <td nowrap="nowrap" style="padding-bottom: 1pt">&#xA0;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">February 25, 2012</td> <td nowrap="nowrap" style="padding-bottom: 1pt">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 52%; text-align: left">Real estate related carrying costs</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">14,267</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">(4,918</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">(1,699</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">7,650</td> <td style="width: 1%; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Professional fees</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">16,868</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">7,210</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">(1,158</td> <td style="text-align: left">)</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">22,920</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left">Payroll related costs</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">7,775</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">2,123</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">(8,321</td> <td style="text-align: left">)</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,577</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 1pt">Other</td> <td style="padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; text-align: right"> 3,214</td> <td style="padding-bottom: 1pt; text-align: left">&#xA0;</td> <td style="padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; text-align: right"> (1,276</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; text-align: right"> (1,769</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; text-align: right"> 169</td> <td style="padding-bottom: 1pt; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="font-weight: bold; padding-bottom: 2.5pt; padding-left: 9pt"> TOTAL</td> <td style="font-weight: bold; padding-bottom: 2.5pt">&#xA0;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> 42,124</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> &#xA0;</td> <td style="font-weight: bold; padding-bottom: 2.5pt">&#xA0;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> 3,139</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> &#xA0;</td> <td style="font-weight: bold; padding-bottom: 2.5pt">&#xA0;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> (12,947</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 2.5pt">&#xA0;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> 32,316</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> &#xA0;</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: left; text-indent: -22.3pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: left; text-indent: -22.3pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> The Company reviewed all operating expenses and contractual commitments such as payroll and related expenses, lease terminations cost, owned property carrying costs as well as professional fees to determine the estimated costs to be incurred during the liquidation period. The liquidation period, as recorded in the third quarter, was anticipated to conclude in October 2012, and since has been amended to conclude in August 2012.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> The reserve for real estate carrying costs decreased by approximately $4.9 million in total, partially due to timing differences of the wind-down period as well as expense reimbursements from the third party liquidator. Utilities, maintenance and real estate expenses were partially offset by the store closure/going out of business sale agreement with Gordon Brothers which resulted in a $2.0 million dollar reduction in the reserve. In addition the liquidation period was planned through October 2012 and is currently anticipated to conclude in August 2012 resulting in $1.8 million in savings. Outside services for real estate brokerage fees, leasing commissions and legal and selling expenses have also been reduced by approximately $1.1 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> Professional fees during the liquidation period increased by $7.2 million from $16.9 million to $22.9 million. The initial budget reflected an eleven month process to liquidate the entire estate. The plan reflects the debtors as well as the unsecured creditors and the equity committee&#x2019;s advisors, the hiring of a fee examiner and has increased due to the complexities of litigating the estate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> The initial payroll and related liquidation expenses included in the accrued costs of liquidation increased by $2.1 million for the period October 30, 2011 through February 25, 2012. This increase is principally attributed to higher than anticipated payroll expense and related benefits in the first four months of the liquidation period, partially offset by reduced costs due to winding down earlier than anticipated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> Other liquidation expenses include general operating expense of the corporate facility as well as information technology and communication expenses related to the corporate facility. These liquidation costs were estimated at $1.6 million and have been reduced to $0.3 million resulting in a savings of $1.3 million to the estate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: center; text-indent: -22.3pt"> &#xA0;&#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify; text-indent: -22.3pt"> <i>Adjustments To Net Realizable Value</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify; text-indent: -22.3pt"> <i>&#xA0;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify; text-indent: -22.3pt"> The following table summarizes adjustments to Net Realizable Value under liquidation basis of accounting</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify; text-indent: -22.3pt"> (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: left; text-indent: -22.3pt"> &#xA0;</p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> Adjustment of Assets and Liabilities to Net Realizable Value</td> <td nowrap="nowrap" style="font-size: 10pt; padding-bottom: 1pt"> &#xA0;</td> <td colspan="2" nowrap="nowrap" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> October 30, 2011<br /> Through<br /> February 25, 2012</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-size: 10pt"> &#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 86%; font-size: 10pt; text-align: left">Adjust pension liability</td> <td style="width: 2%; font-size: 10pt">&#xA0;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"> 11,970</td> <td style="width: 1%; font-size: 10pt; text-align: left"> &#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Adjust real estate to estimated net realizable value</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> <td style="font-size: 10pt; text-align: right">7,189</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="font-size: 10pt; text-align: left">Adjust liability to restore properties</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> <td style="font-size: 10pt; text-align: right">5,184</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Adjust other liquidation costs</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> <td style="font-size: 10pt; text-align: right">4,619</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="font-size: 10pt; text-align: left">Adjust other fixed assets to net realizable value</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> <td style="font-size: 10pt; text-align: right">(18</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Adjust write up of inventory to net realizable value</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> <td style="font-size: 10pt; text-align: right">(2,314</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"> Adjust estimated lease settlement costs to net realizable value</td> <td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> (3,064</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> )</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"> &#xA0;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"> &#xA0;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"> 23,566</td> <td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"> &#xA0;</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: left; text-indent: -22.3pt"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> <i>Pension -</i> The Company had a defined Pension Plan for all employees other than those covered under the Collective Bargaining Agreement through December 31, 2006. The Pension Plan was frozen effective December 31, 2006. As of February 25, 2012, the Company accrued $7.9 million which represents the estimated cost to make the plan whole and subsequently terminate the plan under a standard termination. The company had contemplated other courses of action, including a distress termination, where-by the Pension Benefit Guarantee Corporation (&#x201C;PBGC&#x201D;) takes over the plan. However the estimated total cost associated with a distress termination was approximately $15 million. As a result of the cost savings associated with the standard termination approach, the Company has elected a standard termination and reflected the total estimated cost accordingly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> Certain employees covered by collective bargaining agreements, participated in a multi employee pension plan in accordance with the Multi Employer Pension Plan Amendment Act of 1980 (MPPAA). Syms ceased to have an obligation to contribute to these plans in 2012. Under the law, the Company has effected a complete withdrawal from the funds, within the meaning of Section 4203(a) of the Employee Retirement Income Security Act of 1974, as amended (&#x201C;ERISA&#x201D;). Consequently, the Company is subject to the payment of a withdrawal liability to these pension funds. The additional costs have been estimated at approximately $6.4 million for the multi employee pension plans that is reflected in the adjustments to assets and liabilities to net realizable value. The withdrawal liability is only an estimate at this time and may or may not result in higher costs when the actuarial valuation for the most recent plan year (2012) is completed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> The combined adjustments for the single employer pension liability of $5.5 million and the multi employee pension plans of $6.4 million resulted in a pension liability adjustment of $12.0 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> <i>Real Estate -</i> The net realizable value of real estate assets was adjusted downward in aggregate by $7.2 million to reflect the current collective belief of the Company and third party real estate experts. The basis for determining the estimated net realizable values took into consideration many factors which are difficult to predict, including but not limited to local market conditions, vacancy rates, redevelopment opportunities, investor types/profiles, and anticipated timing of sale transactions. Based on management&#x2019;s weighting of the likelihood of each alternative being achieved an estimated net realizable value of real estate of $139.6 million was recorded. While this amount represents management&#x2019;s best estimate at the time of finalizing the accompanying statement of net assets, the amount ultimately realized in the sale of the real estate could materially differ from this estimate. However, this estimate should not be construed as a final determination by the Company to liquidate all its owned real estate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> <i>Liability to restore properties -</i> It has been estimated that adjustments of $5.2 million will be required to restore certain properties to a salable condition: for Trinity location $2.0 million for renovations and repairs to ensure the property has been brought back to a landmark status, $1.9 million for repairs at the Broadway location, an additional $1.0 million for the Park Avenue location for elevator and escalator repairs, and $0.3 million for the Houston location roof repair.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"> &#xA0;&#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> <i>Other liquidation assets -</i> Expenses related to the wind-down of the company have increased by $4.6 million, primarily due to increases in professional fee estimates offset by real estate carrying costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> <i>&#xA0;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> <i>Lease settlement costs -</i> Lease settlement costs have decreased by $3.1 million primarily driven by a decrease of $5.4 million for the Broadway location as this lease was assumed by DSW, partially offset by an increase in the lease liability claim at the Union Square location of $3.1 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify; text-indent: -22.3pt"> <b>Financial Position</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify; text-indent: -22.3pt"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2pt"> The Company and Filene&#x2019;s believe that cash provided from the liquidation process could provide sufficient liquidity to fund their day-to-day cost of liquidation provided that they are able to sell their remaining assets (which consist primarily of owned real estate inclusive of the Company&#x2019;s corporate headquarters in Secaucus, New Jersey) at anticipated selling prices and within a reasonable period of time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2pt"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2pt"> If the Company and Filene&#x2019;s are unable to sell their assets in a reasonable period of time, or if they receive substantially less than anticipated, their ability to settle their liabilities and obligations in full while incurring necessary wind-down costs would be in doubt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2pt"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2pt"> Through the estimated liquidation period, if the Company is able to generate cash proceeds in excess of what is needed to satisfy all of the Company&#x2019;s obligations, the Company will distribute any such excess proceeds to shareholders. Whether there will be any excess cash proceeds for distribution to shareholders is subject to a number of material risks and uncertainties that may prevent any such distribution from occurring. Accordingly, while the Company believes that a cash distribution is possible, actual results may differ from current estimates, perhaps materially, possibly resulting in no excess cash proceeds being available for distribution to shareholders. Moreover, the Company continues to consider other possible strategic alternatives other than liquidation of its assets.</p> </div>

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