ALJ Uses Excess Cash to Repurchase Subordinated Debt and Preferred Stock.ASHLAND, Ky. -- ALJ ALJ Administrative Law Judge ALJ Association for Legal Justice (Northern Ireland) Regional Holdings, Inc. (Pink Sheets: ALJJ) today announced that it repurchased $600,000 of aggregate principal amount and all related accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. of its outstanding 4% Subordinated Promissory Note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. from an affiliated party in exchange for $300,000 in cash and 600,000 shares of ALJ's Common Stock. In addition, ALJ repurchased 187,500 shares of its Series A Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , with an aggregate liquidation value of $750,000, plus accrued but unpaid dividends from certain other affiliated parties in exchange for $300,000 in cash and 450,000 shares of ALJ's Common Stock. |
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