The latest update for REMC showed that as of October 30, 2009, net assets in liquidation totaled $29.1 million. Total assets of $34.3 million include approximately $30.8 million in cash and cash equivalents and just about$2.9 million of restricted cash held as security on letters of credit. Receivables and other assets consist of approximately $0.6 million, which combines notes receivables and prepaid insurance, consisting primarily of D&O insurance premiums to be amortized. Total assets compensate approximately $5.2 million of estimated total liabilities expected to be incurred during liquidation, consisting of approximately $1.2 million in taxes payable and approximately $4.0 million of estimated operating costs and estimated costs to be incurred during liquidation.
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REMEC, Inc. (REMEC) was a designer and manufacturer of subsystems used in the transmission of voice, video and data traffic over commercial wireless communications networks in the defense and commercial sectors. The Company is set for dissolution pursuant to a Plan of Complete Liquidation and Dissolution (the Plan of Dissolution), intended to allow for the orderly disposition of the Company’s remaining assets and liabilities. The holders of a majority of Remec's outstanding shares approved the Plan of Dissolution effective September 3, 2005.
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