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Microcap & Penny Stocks : HEARTLAND WIRELESS COMMUNICATIONS INC (HART)
HART 1.790+8.5%Mar 31 5:00 PM EST
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To: David Sirk who wrote (69)3/31/1999 11:52:00 PM
From: David Sirk  Read Replies (1) of 178
 
IMPORTANT INFO!!

Although the impact of the Reorganization on various Federal tax attributes has not been fully determined, some portion of the
Company's net operating loss carryforwards likely will be reduced and may be completely eliminated pursuant to its
bankruptcy discharge. Furthermore, the deductibility of net operating loss carryforwards arising before discharge in
bankruptcy
will be limited by the product of the long-term tax exempt rate times the fair market value of the Company after discharge of
debt.

The Company will adopt Fresh Start Reporting on the Effective Date of its reorganization (in accordance with American
Institute of Certified Public Accountants Statement of Position 90-7). Fresh Start Reporting results in a new reporting entity
with assets and liabilities adjusted to fair value and beginning retained earnings set to zero. Liabilities subject to compromise
also will be adjusted to zero in the debt discharge portion of the Fresh Start entry. In addition, on the Effective Date the Old
Common Stock will be canceled and New Common Stock of the reorganized Company will be issued. The balance sheet of
the reorganized Company is expected to reflect approximately $36 million in current assets, $58.0 million in systems and
equipment, $88.0 million in other assets, $15.0 million current liabilities, $15.0 million in long-term debt and $152.0 million in
stockholders' equity.
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