Alp liquidating trust chicago
There is no limitation on the maximum potential payments under these indemnification obligations, and, due to the number and variety of events and circumstances under which these indemnification obligations could arise, ALP is not able to estimate such maximum potential payments.
However, historically ALP has not made payments in material amounts under such indemnification obligations, and no amount has been accrued in the accompanying financial statements for these indemnification obligations of ALP.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported or disclosed in the financial statements and accompanying notes. In the first quarter of 2010, approximately ,000 of previously restricted cash was transferred to and is being held directly by the bond holders as collateral for certain performance bonds.
Significant estimates include the ultimate outcome of contingencies. ALP maintains funds in financial institutions that exceed the FDIC insured limit.
0-16976) filed on March 22, 2011, as certain footnote disclosures which would substantially duplicate those contained in such audited financial statements, and which are required by U. generally accepted accounting principles for complete financial statements, have been omitted from this report.
Capitalized terms used but not defined in this quarterly report have the same meanings as in the 2010 Annual Report.
At such time that ALP considers its liquidation, winding up and termination to be imminent and its net realizable assets to be reasonably determinable, it expects to adopt the liquidation basis of accounting.The unaudited consolidated condensed financial statements and notes have been prepared on the same basis as the annual audited financial statements and include all adjustments, which are in the opinion of management, necessary to present a fair statement of ALP's financial position, results of operations and of cash flows as of and for the interim periods presented.The results of operations for the three and six months ended June 30, 2011 are not necessarily indicative of the results to be expected for the year ending December 31, 2011 or for any other interim period or for any other future year.Until the ultimate completion of the liquidation, winding up and termination of ALP, it is currently anticipated that ALP will retain all or substantially all of its funds in reserve to provide for the payment of, the defense against, or other satisfaction or resolution of obligations, liabilities (including contingent liabilities) and current and possible future claims, and pending and possible future litigation.It is not possible at this time to estimate the amount of time or money that it will take to effect ALP's liquidation, winding up and termination.