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Stanley Furniture ja CDSOA-maksut (osa2)

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Kirjoitin aikaisemmassa julkaisussa STLYn uutisesta, jossa se kertoi saaneensa positiivisen päätöksen CDSOA-maksuista. Uutisessa oli muutama kohta, jotka jäivät vaivaamaan, joten kirjoitin jälleen kerran Stanleyn CFO:lle ja pyysin hieman lisätietoja. Tässä tärkeimmät tiedot:

Minä: The 8K-filing raised some questions and I thought maybe you could elaborate few things. I understand that the specific payment date cannot be known but in the filing it said “there is no legally binding deadline for Customs to do so by then or at alland I was a bit surprised about the “or at all” part. Does this mean that the customs may choose not to pay before it’s absolutely clear that there will be no more litigation about the subject or what?

Vastaus: As we understand it, the litigator for Customs told our council they intend to start distribute Inc the money and should be complete by mid April.  That statement is not legal or binding and for some reason that we can not imagine and do not expect, Customs, could in theory not distribute the funds.  This is one of those cases where we just need to disclose all possibilities.

Minä: Is it known when the non-supporting producers must appeal about the verdict (i.e. is there some specific date)?

Vastaus: In terms of timing, we know the Court intends to hear the Furniture Brand appeal and we do not know how long that will take – maybe 9 months.  They have not decided if they will hear the others – we will disclose information as soon as it becomes available.

Minä: If Stanley gets the payment, will it invest it in anyway or will the cash sit idle until it’s certain that it doesn’t need to be returned?

Vastaus: At this point we believe we will keep it safe and liquid until all pending litigation is complete. Maybe fully insured CD’s.

Toivottavasti nämä tiedot selkeyttävät asiaa muille omistajille ja mahdollisille uusille sijoittajille.

Written by vdell

10/03/2012 at 20:22

Posted in yritysanalyysit

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Stanley Furniture ja CDSOA-maksut

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STLY julkaisi eilen seuraavanlaisen uutisen (osittainen lainaus, lue alkuperäinen 8K-julkaisu tästä):

Certain manufacturers who did not support the antidumping petition (“Non-Supporting Producers”) filed actions in the United States Court of International Trade challenging the CDSOA’s “support requirement” and seeking to share in the distributions. As a result, Customs held back a portion of those distributions (the “Holdback”) pending resolution of the Non-Supporting Producers’ claims. The Court of International Trade dismissed all of the actions of the Non-Supporting Producers, who appealed to the United States Court of Appeals for the Federal Circuit…

On March 5, 2012, the Federal Circuit denied the motions for injunction, “without prejudicing the ultimate disposition of these cases.” As a result, we expect to receive a CDSOA distribution of approximately $40 million after March 9, 2012, based on our allocation of the CDSOA funds distributed in each of the past six years. We have been informed that Customs expects to make the distribution by mid-April 2012, but there is no legally binding deadline for Customs to do so by then or at all. Moreover, if the Federal Circuit were to reverse the decisions of the Court of International Trade and to determine that the Non-Supporting Producers are entitled to CDSOA distributions, it is possible that Customs may seek to have us return all or a portion of our company’s share of the Holdback.

Assuming that such funds are distributed and that our percentage allocation in future years is the same as it was for the 2011 distribution (approximately 30% of the funds distributed) and the $9.1 million collected by the government as of October 1, 2011 does not change as a result of the annual administrative review process or otherwise, we could receive approximately $2.7 million in CDSOA funds in addition to any funds received from the Holdback discussed above.

Oikeus on siis päättänyt, että CDSOA-maksut tulee jakaa alkuperäisen suunnitelman mukaan niille valmistajille, joille ne kuuluvatkin. Stanley tulee saamaan noin $40 miljoonaa, joka on valtava summa, sillä sen markkina-arvo on tällä hetkellä $52m, josta jo nyt käteisen osuus on noin $17m. Mikäli asiat menevät parhaalla mahdollisella tavalla, tulee Stanleyn taseessa olemaan lähiaikoina yhteensä $57 miljoonaa käteistä. Tämän lisäksi sillä on mahdollisuus saada “ylimääräisiä” CDSOA-maksuja, joita se on aika ajoin saanut jo aikaisemminkin. Uutinen on luonnollisestikin todella positiivinen mutta on valitettavaa, että rahoja pitää vielä odotella määrittelemätön aika ja että huonoimmassa tapauksessa tulli ei maksakaan rahoja (miten tämä on mahdollista?) tai päätöksestä valitetaan. Parhaassa tapauksessa odotan kuitenkin muhkeaa ylimääräistä osinkoa.

* Continued Dumping and Subsidy Offset Act of 2000: The act changed the disposition of funds raised from duties on imports that the US government has determined to be subsidized or otherwise unfairly priced. Prior to the act, those funds were incorporated into the US budget. The Act specifies that the funds be distributed to the US companies that file pricing complaints. In short, this meant that non-US firms which sell below cost price in the US can be fined, and the money given to the US companies who made the complaint in the first place. The act has since been repealed.” – Wikipedia

Written by vdell

08/03/2012 at 14:31