Consequently, the deal ended up being worth $715 million, driving Systrom's adjusted net worth
down to $280 million.
Almost all mid-cap PSU banks are available at 60-90% adjusted net worth
Examples include underreporting adjusted net worth
and serving as a "pass-through" for non-8(a) companies.
However, an audited financial statement, with a computation of adjusted net worth
, must still be submitted in accordance with the OIG Audit Guide, (HUD Handbook 2000.
Resolution of H&R Block's non-compliance with the Office of Thrift Supervision (OTS) adjusted net worth
In addition, H&R Block's credit facilities require that the company maintain at least $450 million of adjusted net worth
at the quarter end for January 2008, and $650 million thereafter.
The technical violations had resulted from a variation of the required minimum adjusted net worth
, debt service coverage and interest coverage ratio as of March 31, 2003.
Further, Singer's adjusted net worth
reflected in the audited balance sheet is above the minimum threshold that would otherwise have required an adjustment in the merger agreement.
The requirement mandates various levels of regulatory action if an HMO does not meet the 200% minimum ratio of adjusted net worth
That valuation was typically based on multiple criteria, including economic value, 59 percent; future cash flow, 56 percent; adjusted net worth
, 42 percent; and/or price/earnings analysis, 39 percent.
Both the senior notes and the bank revolver are secured by all assets of the Company and its subsidiaries, and contain certain financial and non- financial covenants customary in transactions of this nature, including maintenance by the company of a certain consolidated adjusted net worth
, and an obligation to repay if a person or group of related persons acquire more than a 30 percent (before January 1, 2000, or 50 percent thereafter) share of the Company's voting common stock.
Separately, Gold River announced today that it has obtained a retroactive waiver for one fiscal quarter from holders of greater than 66 2/3% of the principal amount of the Notes to Gold River's default under the Indenture which was caused by its failure to maintain the requisite level of Consolidated Adjusted Net Worth