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July 05, 2008
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Estate Planning News

 

 

During Third Quarter 2003, We Recorded A Net $2.9 Million Gain, Which Included A One-Time Corporate Tax Benefit Related To A Favorable Tax Ruling

On October 29, 2004, we completed the sale of our paper, forest products and timberland assets for approximately $3.7 billion to affiliates of Boise Cascade, L.L.C., a new company formed by Madison Dearborn Partners LLC.  Some assets, such as a wood-polymer building materials facility that is in a start-up phase, and company-owned life insurance, are being retained by OfficeMax, as are some liabilities associated with retiree pension and benefits, litigation,
 environmental remediation at selected sites and facilities previously closed.  The sold assets are included in our Boise Building Solutions and Boise Paper Solutions segments.

In connection with the sale, we recorded a $280.6 million pre-tax gain in our Corporate and Other segment in our Consolidated Statement of Income.  On October 29, 2004, we invested $175 million in the securities of affiliates of Boise Cascade, L.L.C.  This investment represents continuing involvement as defined in Statement of Financial Accounting Standards (SFAS) No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets.  Accordingly, we do not
 show the historical results of the sold paper, forest products and timberland assets as discontinued operations.  We realized net cash proceeds of approximately $3.5 billion from the sale, after allowing for the $175 million reinvestment and transaction-related settlements.  The consideration for the timberlands portion of the transaction included $1.635 billion of timber installment notes and $15 million of cash.  We monetized the timber installment notes in December for proceeds of $1.47 billion, which is included in the $3.5 billion of total net transaction proceeds noted above.

 In October 2004, OfficeMax and one of its subsidiaries each entered into interest rate swap contracts with J. Aron & Company, an affiliate of Goldman, Sachs & Co. to hedge the interest rate risk associated with the issuance of debt securities related to the timberland installment notes.  In December 2004, the contracts were cash-settled, and we recorded $19.0 million of expense in "Timber notes securitization" in the Statement of Income for the three and twelve months ended December 31, 2004.

During the fourth quarter of 2004, we repaid $1.8 billion of debt and expensed $137.1 million of costs related to early retirement of debt. For more information about the sale, see our 2004 Annual Report on Form 10-K.

 (4)  Acquisition of OfficeMax, Inc. On December 9, 2003, we acquired OfficeMax, Inc.  We acquired 100% of
  the voting equity interest.  The results of OfficeMax operations after December 9, 2003, are included in our OfficeMax, Contract and OfficeMax, Retail segments.  For more information about the acquisition, see our 2004 Annual Report on Form 10-K.

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Did You Know?    
 
 
The costs and expenses of a conservatorship are paid by your estate
A CONSERVATORSHIP is if you suffer from an incurable disease or are involved in a debilitating accident and are unable to manage your own affairs, state law might require someone to go to court to have a conservator appointed by the court. The conservator is given the authority to make financial decisions and handle your financial affairs, under court supervision, when you lack the capacity to manage them on your own.

 


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Latest news about Financial & Estate Planning in Plano and nationwide:

Winn-Dixie Stores, Inc. Files For Chapter 11 Reorganization To Address Financial And Operational Challenges
JACKSONVILLE, FL, FEBRUARY 21, 2005 - Winn-Dixie Stores, Inc. (NYSE: WIN) announced today that, in order to address the financial and operational c...
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The Changes Introduced Today Will Mean That Disabled People Will Be Able To Make A Positive Contribution
Reforms to Incapacity Benefit announced today were welcomed by the Disability Rights Commission (DRC).

DRC Chairman Bert Massie said that ...

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FTC Settles with Marketers of Bogus International Driver’s Licenses
s settled FTC charges today that they fraudulently marketed purportedly authentic International Driver’s Permits (IDPs) on the Internet. Under the ter...
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Estate Planning Terms

 


Today's Terms

Joint Tenancy

Definition:
Property owned by two or more people in a manner such that upon death of one of the joint owners, all of his/her interest in the property is transferred immediately, by operation of law, to the other surviving owners.

Informed Consent

Definition:
An authorization to proceed by a person who has been given and understands all of the relevant facts.

Probate

Definition:
The process through which the legal title to property is transferred from a decedent to the beneficiaries. If a person dies with a will (testate), the probate court determines if the will is valid, hears any objections to the will, orders that creditors be paid and supervises the process to assure that property is distributed by the Personal Representative or Executor according to the terms of the will. If a person dies without a will (intestate) the probate court appoints an Administrator who receives all claims, pays creditors, and then distributes all property according to the laws of the state.

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Estate Planning Resources

 


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Estate Planning Hot Topics

 
Topics Related to Estate Planning:

  • Trusts
  • Wills
  • Uniform Probate Code
  • Gift Tax

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Plano Estate-Planning Attorney

 
If you live in the following cities and need an Estate-Planning attorney you should contact our Estate-Planning Attorney as soon as possible:

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