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Biotech / Medical : Elan Corporation, plc (ELN)
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To: biostruggle who wrote (1606)2/10/2002 6:33:08 PM
From: aknahow   of 10345
 
When you posted that the proforma unwound the securitization I thought more details were provided somewhere. Apparently you were referring to this:

Pro-Forma Financial Information Relating to Qualified Special Purpose Entities (``QSPEs'')

In the light of current market concerns relating to off-balance sheet arrangements through QSPE structures, Elan has two QSPEs which it has not
consolidated in its financial results as presented under US generally accepted accounting principles (these entities are consolidated in Elan's primary
financial statements which are prepared in accordance with Irish generally accepted accounting principles). Elan has guaranteed the indebtedness of these
entities to the extent that the value of the investments held by the QSPEs are insufficient to repay the indebtedness of these entities. If these entities had
been consolidated as of December 31, 2001 and 2000, the effect on net income (as a reduction in net interest and other income), diluted earnings per
ordinary share after other charges, total assets, total indebtedness and shareholders' equity would be as follows:

As of December 31, $ millions
As Reported Pro-Forma
2000 2001 2000 2001

Net income (294.5) 347.7 (333.4) 211.4

Without knowing how the non marketable securities have been individually valued by Elan one has no way of knowing how meaningful the pro forma is. It is also possible that QSPEs provide greater advantages than just simple securitization.
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