Should Greece achieve even a partial write-down
it will make the best boy in class look like a dunce who achieved nothing for toadying to teacher.
The bank already booked a partial write-down
in the fourth-quarter of 2009.
Scripps anticipates that it will record an after-tax loss in the second quarter of up to $60 million, reflecting operating results, cash expenses related to closing the business and a partial write-down
in the value of Shop At Home's assets.
The Bank charged-off $490,000 relating to a partial write-down
of one conventional loan, under FASB 114 guidelines.
Phil Perillo, chief financial officer, remarked, "During 2005 we had positive cash flow from operations of $171,000 and our strong year-end cash position is unaffected by the partial write-down
4 million related to the partial write-down
of five loans, including $922,000 on three residential construction loans to a related group of borrowers where the Company has uncovered evidence of possible fraud by outside parties against the Bank.
Additionally, charge-offs have been significant, resulting in the complete write-down of all subordinate classes (class B, C, and D certificates) and the partial write-down
of the senior class A certificates.
The settlement exhausted the reserve account and resulted in the complete write-down of the class V notes and a partial write-down
of the class IV notes.
The potential partial write-down
was discussed in the second quarter 2005 10-QSB filed by the company on August 15, 2005.
The effect of the losses will result in the partial write-down
of class H, an unrated class.
The user may select whether to allow a partial write-down
for CDO squared transactions.
The prior year's quarterly net income was significantly impacted by a partial write-down
of equity securities by $278,000.