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This excerpt taken from the WYN 10-K filed Mar 7, 2007. Preferred
Stock Sale
On January 31, 2007, Affinion Group Holdings, Inc.
(“Affinion”) redeemed a portion of the preferred stock
investment owned by Avis Budget Group, of which the Company
owned a 37.5% interest pursuant to the Separation agreement. The
redemption resulted in approximately $40 million in
proceeds for the Company and a gain on sale of approximately
$12 million. As of December 31, 2006, the Company had
a $37 million receivable in non-current due from former
Parent and subsidiaries on the Consolidated Balance Sheet, which
represented the Company’s right to receive proceeds from
the ultimate sale of Cendant’s preferred stock investment
in and warrants of Affinion. Subsequent to Affinion’s
redemption, such receivable was reduced to $10 million.
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