Elan Corporation, plc (ELN) Message Board

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Biotech / Medical : Elan Corporation, plc (ELN)

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To: Icebrg who wrote (3428)	10/22/2002 9:37:24 AM
From: biostruggle	Read Replies (1) of 10345

You may be right or wrong. Disclosure on whether Elan must maintain 1:1 ratio of collateral is not clear from disclosure. Page 92 annual report. "The investments and cash in EPIL III are held as security against the EPIL III senior guaranteed notes. These assets are not available for distribution outside EPIL III. The EPIL III senior guaranteed notes are guaranteed on a subordinated basis by Elan and, consequently, in accordance with the provisions of Financial Reporting Standard 5, “Reporting the Substance of Transactions” (“FRS 5”), the EPIL III senior guaranteed notes, investments and cash are included separately on the Company’s balance sheet."

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