40) Further, write-downs based on the subnormal goods exception must be proven by actually offering the goods for sale at the price to which they are written down
during a period ending not later than 30 days after the inventory date.
Class I B-1 was written down
to $0 in November 2004.
In the series 1998-1 transaction, OC has been fully depleted, and the high level of losses incurred has resulted in the adjusted certificate principal balance of class B-2 being written down to zero.
In the series 1998-2 transaction, OC has been fully depleted, and the high level of losses incurred has resulted in the adjusted certificate principal balances of classes B-1 and B-2 being written down to zero.
Classes B4 and B5 have already been fully written down due to losses.
Class B5 has already been fully written down due to losses.
The investment in Chartered will be written down
to its market value as of November 30, 2002.
It was noted that the net book value of the assets of the segment, about $97 million at the end of last December, is expected to be written down
by approximately one-third to reflect the sale proceeds less the costs of winding down and ultimate dissolution of the business.
The distributions of the losses caused class C2 to be written down to $0 and class C1 to be written down by $1.
The distribution of losses caused the retained certificate amount to be written down to $0 and class F to be written down by approximately $400,000.
Now, consistent with Normandy's core gold focus and its intention to exit the Kasese Cobalt Project, the Board has written down
the project value to zero despite significantly improved operating performance over the past few quarters.