Caption: Murray Hill Properties held its annual award ceremony at the Midtown Executive Club honoring the outstanding brokerage efforts of the firm's top leasing and
asset sales producers.
Stock sales typically generate a single level of tax to shareholders;
asset sales generate a step-up in the basis of the acquired assets to reflect the purchase price paid, which generates greater future tax deductions for the buyer.
The link between the computation of the MADSP and AGUB was consistent with the rules associated with actual
asset sales under Sec.
President and CEO Paul Ormond cited delays in closings of certain
asset sales as well as lower revenues and higher costs associated with "PPS training and transition, facility marketing expenses, development costs, startup losses, systems conversions, and other merger integration expenses.
The Company estimates that the total restructuring will create permanent ongoing annual cost savings of $15 million, will generate $85 million of cash through
asset sales over the next 18 months, and will require a restructuring charge of approximately $50 million.
We are very pleased with the progress we have made with our
asset sales program and debt reduction.
This "core earnings" concept, the ratings agency said, is based on "as reported" earnings, to which it adds a series of exclusions, such as goodwill impairment charges, gains or losses on
asset sales, hedging gains or losses and merger-related fees.
Through the end of April 1994, the company has realized after-tax proceeds of $600 million, or 86 percent of the goal, from
asset sales under this program.
While the debt reduction amount remains the same, Anadarko now intends to decrease its leverage primarily through
asset sales rather than through a mix of
asset sales and equity issuance.
Clark, president and acting chief executive officer, said that the pending sale, combined with
asset sales already scheduled, will enable Westinghouse to substantially liquidate its commercial real estate assets by mid-year.
The ratings also reflect Solo's increased focus on cost reduction and the possibility of
asset sales, the proceeds from which would be used to reduce debt.
Subsequent to the end of the quarter MGM amended its credit facility, paid off a $245 million note, announced $600 million in
asset sales (to close in Q2'07), and is issuing $750 million in new senior notes.
