CenCor makes announcement.KANSAS CITY Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). , Mo.--(BUSINESS WIRE)--May 16, 1997--CenCor Inc. (the "company") released the value of its 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 as of March 31, 1997. As previously announced, the company is in the process of liquidation and is expected to be fully liquidated DAMAGES, LIQUIDATED, contracts. When the parties to a contract stipulate for the payment of a certain sum, as a satisfaction fixed and agreed upon by them, for the not doing of certain things particularly mentioned in the agreement, the sum so fixed upon is called liquidated damages. (q.v. by October October: see month. 1999. The company's net assets in liquidation increased $63,000 for the three months ended March 31, 1997, from $17,394,000 at Dec. 31, 1996, to $17,457,000 at March 31, 1997. The increase is attributable to income from liquidation activities exceeding expenses from liquidating activities for the period. The company recognized $311,000 in income from liquidating activities during the three months ended March 31, 1997. The company's sources of income consisted primarily of investment income from the company's short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. government and government agency investments. The company incurred $248,000 in expenses from liquidating activities during the three months ended March 31, 1997. The company's expenses consisted mainly of salaries, accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the of interest on the company's outstanding non-convertible notes, and other liquidating expenses. The company is expected to be fully liquidated by October 1999. In the event that the company had fully liquidated and distributed its assets by March 31, 1997, and assuming that the company's actual realized value of its assets and liabilities is identical to the company's estimated realized value of these items, the company's shareholders would have received $17,457,000 in distributions or approximately $11.73 per share, less costs to liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the , as compared to $17,394,000 or $11.69 per share, at Dec. 31, 1996. The actual amount to be received upon complete liquidation may be adversely affected by claims arising from the indemnification Indemnification Used in insurance policy agreements as to compensation for damage or loss. In the context of corporate governance, Director Indemnification uses the bylaws and/or charter to indemnify officers and directors from certain legal expenses and judgements resulting from obligations resulting from the sale of the assets of its former subsidiary, Century Acceptance Corp. ("Century"), unanticipated income tax liabilities, or other unforeseen factors including legal matters. -0-
Net Assets in Liquidation:
March 31, Dec. 31,
1997 1996
Cash and cash equivalents $ 18,655,000 $ 14,513,000
Other assets 5,638,000 10,320,000
Total assets 24,293,000 24,833,000
Accounts payable and accrued
liabilities 208,000 648,000
Income taxes payable 810,000 1,110,000
Long-term debt 5,818,000 5,681,000
Total liabilities 6,836,000 7,439,000
Net assets in liquidation 17,457,000 17,394,000
Number of common shares
outstanding 1,488,411 1,488,411
Net assets in liquidation per
share $ 11.73 $ 11.69
Operating Results for:
Three Months Ended
March 31,
1997 1996
Income from liquidating
activities $ 311,000 $ 507,000
Expenses from liquidating
activities 248,000 738,000
Increase (decrease) in net
assets in liquidation $ 63,000 $ (231,000)
CONTACT: CenCor CENCOR (Calibrate, Explore, Create, Organize and Realize) is an acronym used within companies like General Electric or Procter & Gamble to express design strategy for consumer-centric innovation.[1] Notes and references 1. Inc., Kansas City Jack L. Brozman, 816/221-5833 |
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