Allstar Inns Inc. Announces Results.SANTA BARBARA Santa Barbara (săn'tə bär`brə, –bərə), city (1990 pop. 85,571), seat of Santa Barbara co., S Calif., on the Pacific Ocean; inc. 1850. , Calif.--(BUSINESS WIRE)--Oct. 21, 1998--Allstar Inns Inc. Wednesday released its statement of net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. in liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy for the periods ended Sept. 30, 1998 (unaudited), and Dec. 31, 1997 (audited). The company is currently engaged in the final liquidation process and has filed final tax returns with the Internal Revenue Service and six states in which it did business. As of Sept. 30, 1998, withdrawal procedures have yet to be finalized See finalization. with the states of California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). and Delaware Delaware, state, United States Delaware (dĕl`əwâr, –wər), one of the Middle Atlantic states of the United States, the country's second smallest state (after Rhode Island). . -0-
ALLSTAR INNS INC.
(In thousands)
Sept. 30, Dec. 31,
1998 1997
Assets:
Current assets:
Cash and cash equivalents $3,812 $4,069
Total current assets 3,812 4,069
$3,812 $4,069
Liabilities and stockholders' equity:
Current liabilities:
Accounts payable and accrued liabilities $ 547 $ 428
Total current liabilities $ 547 $ 428
Stockholders' equity:
Common stock, 1 cent par value 10 10
Accumulated equity 3,255 3,631
Total stockholders' equity 3,265 3,641
$3,812 $4,069
Diluted weighted average common shares
outstanding 1,047 1,047
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