OfficeMax® Incorporated
OMX, a leader in office supplies, technology and services, today
confirmed that its agreement to extinguish the non-recourse liability related
to the Lehman-backed timber notes is now effective as the result of the entry
of a Final Order by the United States Bankruptcy Court resolving certain
claims against Lehman Brothers based on the notes.
As a result, OfficeMax will recognize a non-cash, pre-tax gain of $671.1
million in the third quarter of this year. In the fourth quarter, OfficeMax
anticipates that it will make a cash payment in the amount of approximately
$15 million, representing the accelerated tax liability on approximately one
half of the gain on the 2004 timberlands sale transaction, mostly offset by
alternative minimum tax credits. OfficeMax anticipates using available cash to
fund the tax payment.
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