This excerpt taken from the FA 10-Q filed Feb 9, 2006.
10. SUBSEQUENT EVENTS
On January 31, 2006, we entered into an 11.0 million ($13.0 million at December 31, 2005) seasonal credit line with Stadtsparkasse Düsseldorf, with 5.5 million of funding anticipated in February 2006. We believe that our cash resources will be sufficient to meet our seasonal needs in 2006. The seasonal financing facility is 80% guaranteed by the German State of North Rhine-Westphalia. The seasonal facility will reduce by 1.0 million per year and expires on June 30, 2008. We are holding discussions with other German banks, to commit to 5.5 million of the 11.0 million seasonal facility on a permanent basis, subsequent to the 2006 season, but to date, we have not received a positive indication from a second bank to participate in the seasonal financing. If we are unable to obtain a 5.0 million commitment from a second bank by October 30, 2006, we have undertaken to deposit 5.0 million as restricted cash with Stadtsparkasse Düsseldorf, in lieu of 5.0 million from the second bank, for the 2007 season. If we fail to do so, Stadtsparkasse Düsseldorf may reduce, by one half, its 10.0 million loan commitment for the 2007 season.
This excerpt taken from the FA 10-K filed Dec 29, 2005.
22. SUBSEQUENT EVENTS
On December 21, 2005, we signed a definitive agreement to sell our Farmingdale, New York, power shopping center, Airport Plaza, to KRC Acquisition Corp., acting on behalf of a joint venture comprised of Kimco Realty Corporation and a fund managed by a major investment bank, for approximately $95 million. The purchaser has agreed to deposit into escrow $4.75 million to ensure its obligations and to seek the approval of our mortgage lender to assume our existing mortgage loan of approximately $53.8 million, or to defease the loan. The closing will take place following purchasers obtaining consent of the mortgage lender to its loan assumption, which could occur as early as February 2006. If the loan is defeased, the transaction may not close until as late as July 2006. The sale does not include several other undeveloped parcels of real estate that we own in the Town, the largest of which is under contract of sale to the market chain, Stew Leonards. We decided to sell the shopping center to enhance our financial flexibility, allowing us to invest in existing operations or pursue other opportunities.
In December 2005, the Guaranty Committee of the German State of North Rhine Westphalia recommended approval for an 80% guaranteed seasonal financing facility, up to 11.0 million. One German bank has committed to provide funding for 5.5 million (approximately $6.6 million) of the seasonal facility and we anticipate completion of approval, loan agreements, and funding in January 2006. We are holding ongoing discussions with a second German bank, to receive a commitment for the remaining 5.5 million of the seasonal facility, but we have not received a positive indication that it will be approved. If we are unable to obtain a commitment from a second bank, we believe that our cash resources will be sufficient to meet our seasonal needs.
In December 2005, we entered into discussions with an investment bank concerning our capital requirements. On December 26, 2005, we engaged the investment bank to provide us, among other things, with a commitment to place a short-term loan to us of $20 million, against our agreement to sell our shopping center to KRC Acquisition Corp. The investment bank has indicated to us that it is highly confident that it can consummate the loan, if needed, during the period of our seasonal trough.ITEM 9. CHANGES IN AND DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
NoneITEM 9A. CONTROLS AND PROCEDURES
This excerpt taken from the FA 10-Q filed Feb 9, 2005.
12. SUBSEQUENT EVENTS
On January 21, 2005, our subsidiary, PoloExpress, finalized a seasonal loan agreement with Bayerische Hypo- und Vereinsbank AG (HVB), pursuant to which HVB will advance approximately 7.0 million to PoloExpress. The loan is for the purpose of financing purchases of inventory for the 2005 season. The loan matures in one-third installments on each of April 15, May 15, and June 15 of 2005. The loan bears interest based upon the three-month average Euribor rate plus a 3.6% margin.