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  • flipper_58 flipper_58 Jun 19, 2004 12:36 AM Flag

    10K and deconsolidation

    My guess half the reason AO was unable to refinance their debt in the first place was this SAC arrangement. SAC assets and liabilities will be removed from AO consolidated numbers thus increasing AO's book value buy $160m or so. AO now has roughly a $30 BV which does still comprise $200m in notes to SAC if I understand the transaction (which is minimal at this point).

    AO collects a 6% gross receipt fee to manage SAC storage facilities. As far as whether gains flow to AO, I'm not sure now. But SAC is not a picture of fiancial health. BUt next quarter will show all new numbers. Needless to say a listen to the conference call is in order!!

328.97+0.30(+0.09%)Oct 26 4:00 PMEDT