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Gold/Mining/Energy : coastal caribbean (cco@)
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To: Edwin S. Fujinaka who wrote (4637)4/1/2007 6:51:56 AM
From: Edwin S. Fujinaka  Read Replies (1) of 4686
 
10K says,

"Goodwill Impairment

As part of the 2005 settlement, we acquired the remaining minority interest in our subsidiary, Coastal Petroleum representing 15.2% of its outstanding common stock for $802,000 in cash. Since Coastal did not have any tangible or intangible assets, we assigned this amount to goodwill. We then evaluated the goodwill and determined it was impaired as Coastal Petroleum had no expected revenues or cash flows at that time and we recorded an impairment expense of $802,000. "

Does this mean they gave $802,000 to someone and received nothing of value in exchange? Is this pathetic or just funny?
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