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Author: uffnik Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 46837  
Subject: Re: Need help Date: 5/7/2005 4:49 PM
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Hi emilller8988

and thank you very much. I read the description and I want to recapitulate it with my own words.

So REVLON has 197 mio "non performing receivables" and wants to change it to another type of receivable "to amortise the cost of writing-off the non-performing receivables over a period of years".

Could this mean, that if REV has about 200 mio "bad receivables" and cannot write it off immediatly ?
Quote : "it is usually the case that the 'receivables' being removed from the balance sheet are in default on both interest and principal and commonly carry no current cash flow"

I digged into the balance sheet of Q4 2004 for I was eager to find the balance sheet position where the 200 mio come from. But I was not able to find it. Hmmmm..

Maybe you can tell me, if my assumptions regarding the meaning of the "debt defeasance trust" are o.k.

Thank you very much again

uffnik
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