The Company expects such interim liquidating distribution to be paid on or about March 22, 2016.With respect to additional liquidating distributions, Delaware law requires that we pay or make provision to pay all of our liabilities and obligations, including contingent and conditional liabilities, claims that are subject to pending litigation involving the Company and certain claims that have not arisen or are unknown but that are likely to arise or become known in the future.
The Company’s principal non-cash assets consist of its investment in FA Technology Ventures, L. The Company plans make additional distributions at such times as is deemed appropriate, depending upon facts and circumstances existing at the time.
Although our Board of Directors has not adopted a timetable for further liquidating distributions, subject to contingencies inherent in winding up our business, the Board of Directors intends to make such distributions as promptly as practicable, subject to the requirements of Delaware law.
Capital that is restored to a business owner or investor after partial or full liquidation.
They are not typically considered taxable income because it is the return of principal.
The requirements which a distribution must meet to fall within subsection (b) of section 346 are: Such distribution is attributable to the corporation's ceasing to conduct, or consists of assets of, a trade or business which has been actively conducted throughout the five-year period immediately before the distribution, which trade or business was not acquired by the corporation within such period in a transaction in which gain or loss was recognized in whole or in part, and Immediately after such distribution by the corporation it is actively engaged in the conduct of a trade or business, which trade or business was actively conducted throughout the five-year period ending on the date of such distribution and was not acquired by the corporation within such period in a transaction in which gain or loss was recognized in whole or in part.