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Gold/Mining/Energy : Thermal Control Technologies Corp TCT (was Redux Energy)
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To: John Gorham who wrote (1027)9/14/1999 3:13:00 PM
From: Saverio  Read Replies (1) of 1208
 
If I am not mistaken, the impairment is due to the sale/lease back of facilities and equipment. Whoever bought them acquired them at less than book value less depreciation (i.e. less than building costs - whether the actual value decreased is a moot point -, TCT had to get a deal, therefore they were at the mercy of the buyer). Thus, TCT had to restate the book values (taking a loss). You should find the details in the notes.
Saverio
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