March 31, 2013 Financial Statements
May 20 2013 - 6:00AM
OTC Markets
ALLIANCE SEMICONDUCTOR RELEASES
FINANCIAL STATEMENTS FOR
THE FISCAL YEAR ENDING MARCH 31, 2013
The company’s current assets have increased
$17.6 million
during the period. This increase is the
result of a market developing for the AMBAC pfd shares which are
the primary
asset of the company.
Alliance has sold 24.4% of the units of
AMBAC pfd shares
that it held at the end of the prior fiscal year. Two hundred
and sixty units were sold prior
to the end of FY13 and 320 units were sold subsequent to the end of
the fiscal
year. The total proceeds of the sales
were $4.7 million with $1.7 million received before the year
end.
The company’s strategy continues to be
to maximize and
monetize the securities which it holds and executed strategies to
efficiently return
cash to it’s shareholders.
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.
A secondary
asset of the company is its net operating loss carry forwards
for federal and state taxes. 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.
Alimco Financial (CE) (USOTC:ALMC)
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