Sale of a portion of the AMBAC Preferred shares
April 19 2013 - 12:14PM
OTC Markets
Alliance Semiconductor Corporation
(ALSC) announces that since October 30, 2012
it has sold 580 units of AMBAC preferred shares that it has
received as a
result of the forced conversion of Auction Rate securities
guaranteed by AMBAC
Assurance. Alliance sold these units at
prices ranging from .21 to .375 of the face value ($25,000) of the
units. Proceeds from the sales total $4, 672,500.
Alliance plans to continue its participation
in the lawsuit
against AMBAC Assurance Corporation alleging that AMBAC Assurance
wrongfully
converted the original securities purchased by ALSC into AMBAC
preferred
shares. Alliance may from time to time
continue to sell AMBAC securities if market conditions are
favorable.
Alliance is in
the process of completing a 382 study to understand the status of
its net
operating losses (NOLs). Under the Section 382 rules, a change in
ownership can
occur whenever there is a shift in ownership by more than 50
percentage points
by one or more five-percent shareholders within a three-year
period.
When a change of
ownership is triggered, the NOLs may be impaired. In order to
continue to
protect this NOL asset, Alliance is requesting that all of its
investors
directly contact the company's investor relations department prior
to allowing
their ownership interest to approach a five percent
level.
All shareholders holding five per cent or greater should also
notify
the company before purchasing additional shares.
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