Other Write-Downs - Effective June 30, NHI additionally wrote down
asset values on its mortgage notes secured by nine long-term care facilities owned by Lenox HealthCare ($3.
The Company also took a more conservative attitude to its investment portfolio and wrote down
or discontinued certain investments.
NRG wrote down
its investment in an Indonesian project and established a reserve for other potential write-downs, reducing earnings by 10 cents per share in the third quarter of 1998.
During the three month period ended June 30, 1998, the Company wrote down
its oil and gas properties in the Sylvan Lake project in Alberta, Canada by an additional $100,000 ($900,000 for the six month period ended June 30, 1998) as a result of a decline of heavy oil prices and the application of the quarterly full cost ceiling test.
Just last week, The Money Store also wrote down
its sub-prime auto excess servicing.