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This excerpt taken from the CLMT 10-K filed Feb 23, 2007. Bareco
Products
During December 2003, the Company entered into an agreement with
its joint venture partner to dissolve the Bareco Products
partnership and for each partner to pursue its own wax marketing
interests. Per the terms of the agreement, all significant
business activities undertaken by the partnership ended as of
December 31, 2003. The affairs of Bareco Products were
wound down during 2004, and legal dissolution of the partnership
was completed during 2005.
In 2004, the Company incurred costs in excess of amounts
estimated in 2003 related to the liquidation of the partnership.
These costs of $427 are reflected in equity in (loss) income of
unconsolidated affiliates in the consolidated statements of
operations for the year ended December 31, 2004.
This excerpt taken from the CLMT 10-K filed Mar 20, 2006. Bareco
Products
During December 2003, the Company entered into an agreement with
its joint venture partner to dissolve the Bareco Products
partnership and for each partner to pursue its own wax marketing
interests. Per the terms of the agreement, all significant
business activities undertaken by the partnership ended as of
December 31, 2003. The affairs of Bareco Products were
wound down during 2004, and legal dissolution of the partnership
was completed during 2005.
As a result of the dissolution agreement, the Company recorded a
$564 asset impairment loss in 2003, which is reflected in equity
in (loss) income of unconsolidated affiliates in the
consolidated statements of operations for the year ended
December 31, 2003, related to its equity investment in
Bareco Products which represented management’s estimate of
the difference between the carrying value of the Company’s
investment and the Company’s share of proceeds from
liquidation of the partnership. In 2004, the Company incurred
costs in excess of amounts estimated in 2003 related to the
liquidation of the partnership. These costs are reflected in
equity in (loss) income of unconsolidated affiliates in the
consolidated statements of operations for the year ended
December 31, 2004.
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