- 103 - affiliates are authorized to purchase 3.9 million shares of Series A common stock. The LLC’s Financial Statements for the Fiscal Years Ended December 31, 1999 and 1998 On April 6, 2000, Udovic faxed to Fontaine a copy of the LLC’s unaudited financial statements for the fiscal years ended December 31, 1999 and 1998. A statement of operations was part of these financial statements. On the statement of operations, the LLC reported $2,435,000 and $10,132,000 of dividend income attributable to its Times Mirror stock for 1998 and 1999, respectively. Included with the LLC’s financial statements were notes that contained, in pertinent part, the following comments: Note 1–-Basis of Preparation * * * The Company’s sole manager is The Times Mirror Company who controls its operations and assets. The Company began operations on July 31, 1998. * * * * * * * Note 2--Cash and Cash Equivalents, Marketable Securities, Available-for-sale Securities and Investments * * * * * * * Investments in Times Mirror stock are reported at cost, as they are restricted from sale because the Company is considered an affiliate of Times Mirror. The fair value of the Times Mirror stock based on its quoted market price was $1,015,186,000 and $742,666,000 at December 31, 1999 and 1998, respectively. * * * * * * * * * *Page: Previous 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 Next
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