Bairnco Corporation Receives $24,695,000 from Settlement of 'NOL Lawsuit'
17 September 2004 - 6:43PM
PR Newswire (US)
Bairnco Corporation Receives $24,695,000 from Settlement of 'NOL
Lawsuit' LAKE MARY, Fla., Sept. 17 /PRNewswire-FirstCall/ --
Bairnco Corporation (NYSE:BZ) today reported that it received
$24,695,000 as a result of the previously announced settlement of
the NOL Lawsuit, in which both Bairnco and the Keene Creditors
Trust claimed the right to certain income tax refunds. The
$24,695,000 paid to Bairnco represents 70% of the funds in an
escrow account that was created in the mid-1990s to hold the tax
refunds and related after tax interest income pending the
resolution of the NOL Lawsuit. The payment to Bairnco, which is not
subject to any federal or state income tax, will increase Bairnco's
stockholders equity by $24,695,000. Bairnco intends to use the
funds to repay outstanding indebtedness. Bairnco Corporation is a
diversified multinational company that operates two distinct
businesses -- Arlon and Kasco. Arlon's principal products include
high technology materials for the printed circuit board industry,
cast and calendered vinyl film systems, custom engineered laminates
and pressure sensitive adhesive systems and special silicone rubber
compounds and components. Kasco's principal products include
replacement band saw blades for cutting meat, fish, wood and metal,
and on-site maintenance services for the retail food industry,
primarily in the meat and deli departments. Kasco also distributes
equipment to the food industry in Canada and France DATASOURCE:
Bairnco Corporation CONTACT: Larry C. Maingot, Bairnco Corporation,
+1-407-875-2222, ext. 230 Web site: http://www.bairnco.com/
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