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Maxcor Financial Group (MAXF) Message Board

  • stokluver stokluver Jul 21, 2003 8:45 AM Flag

    1-time gain?

    Today's news looks good, but I suppose Q2 includes the 1-time gain of $4M received in April.

    Maxcor also noted its receipt in April 2003 of an additional $4 million from Kemper Insurance Companies in connection with Maxcor's September 11th related property damage claims, bringing to $12 million the total amount of insurance proceeds paid to date under Maxcor's property casualty insurance policy. The property casualty policy has an aggregate limit of approximately $14 million. When the property claims are fully and finally settled or otherwise resolved, Maxcor said that it expects to record a significant one-time gain. The gain, on a pre-tax basis, will be equal to the amount by which the total proceeds from the property claims exceed the carrying value of property destroyed in the attacks (which was approximately $2.5 million). However, under GAAP, any such gain will be offset in earnings over time by the required expensing of the replacement assets purchased with the property insurance proceeds. Maxcor previously settled in Q4 2002 its September 11th related claims under its business interruption insurance policy with Kemper.