reserves to satisfy the Funds obligations; the ability of the Fund to On June 18, 2020, the United States Department of Justice (the DOJ), on behalf of the United States Internal Revenue Service (the IRS), filed a Notice of Removal in the Chancery Court removing claims of the IRS in the Chancery Action to the United States District Court for the District of Delaware (the District of Delaware). Further, Computershare, the Funds transfer agent, will fully suspend Direct Registration System sales and the Direct Stock Purchase Plan that it currently administers with respect to the Funds Shares. Forward-looking statements are subject to numerous risks and Visit www.altaba.com for more information. Ultimately, the Altaba name describes the company's appeal perfectly: It's an alternative to Alibaba. Shares of Altabatechnically liquidating escrow receiptshave traded this year around $14.50 in institutional markets. On August 20, 2020, the Fund filed with the Chancery Court a Motion for an Interim Order Approving Interim Holdbacks and Permitting Certain Distributions to Stockholders (the Interim Order) to receive authorization to make a cash distribution of all of the Funds assets in excess of the aggregate security amount required to be retained by the Fund pending adjudication of the amount of security reasonably likely to provide sufficient compensation for any claims that remain in dispute. forward-looking statements. Box 45308 Omaha, NE 68145 Phone: 800-228-2240 E-mail: invrelations@werner.com. Copies may also be requested by writing to Thomson Reuters Investor Relations, 3 Times Square, New York, NY 10036, United States. Inc. reorganized as an investment company, was renamed Altaba Inc., and began trading under the Nasdaq ticker symbol AABA. Japan and the other holdings, or you're very bullish on future tax reform or McInerney's leadership, Altaba stock doesn't look like a particularly great value over Alibaba. Box 278 Commack, NY 11725 646-679-2000 general@altaba.com Consequently, stockholders who hold their Shares directly on the books of the Funds transfer agent and wish to sell Shares prior to the closing of the Funds stock transfer books will not be able to do so after September 25, 2019 other than through an account with a bank, broker or other participant in DTC. While this hardly bodes well for China's long-term economic outlook, it does offer the Federal Reserve and the European Central Bank hope of much-needed inflation relief. As previously announced, at a special meeting of stockholders held on June 27, 2019, stockholders of the Fund approved a Plan of Complete Liquidation and Dissolution (the Plan), pursuant to which, the Fund filed a certificate of dissolution with the Secretary of State of the State of Delaware to dissolve the Fund on October 4, 2019. liquidation and dissolution pursuant to the Plan, and any interest they $15.43 3/31/21 ($9.68) Distributions $6.42 3/31/22 $0.67 Increase in Net Assets, Altaba Announces Liquidating Distribution of $0.75 Per Share (5/27/22) NEW YORK--(BUSINESS WIRE)--Altaba Inc. (Altaba or the Fund) today announced that on Friday, May 27, 2022, the Board approved a liquidating distribution of $0.75 per share of the Funds common stock, par value $0.001 per share, or $389,633,524 in the aggregate (the Liquidating Distribution), which will be payable on June 7, 2022. Its stock now amounts to an unusual arbitrage situation, with investor returns hinging on the amount and. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. Inc. has agreed to pay a $35 million penalty to settle charges that it misled investors by failing to disclose one of the world's largest data breaches in which hackers stole personal data relating to hundreds of millions of user accounts. assets was to help unlock the value of its strategic investments. On Tuesday, however, shares of Alibaba shares were down 1.6%, at $226.76. Now, the company, formerly Yahoo!, is expected to ask a Delaware court for authority to make another sizable payment at a hearing scheduled for April 20 to 22. Altaba stock was delisted from the Nasdaq in early October, when it filed a plan . So what remains for Altaba to address before it can make final payments to its holders? The Board declared the Liquidating Distribution following the Chancery Courts entry of the Partial Final Order. proceeds that might be realized from the sale or other disposition of . I like to add some shares with my IRA account but don't want to risk my repairmen lol. Alibaba is Altaba's biggest investment. The company's key business segments include mobile media and entertainment, cloud computing, and core commerce, along with other developing initiatives. This document contains forward-looking statements concerning the Funds proposed liquidation and dissolution pursuant to the Plan. Visit www.altaba.com for more information. uncertainties and actual results may differ materially from those However, Im unclear why you would sell and buy back shares? definitive proxy statement, when it becomes available, and in the Funds At the special meeting, the Funds stockholders Joseph Tsai, Mas co-founder at Alibaba, is the second-largest shareholder behind SoftBank. Announces NYSE Election to Commence Delisting Proceedings May 16, 2023 Press Releases Audacy Reports First Quarter Results May 10, 2023 SEE MORE Reminds me of the things I heard in regards to RAD. Japan, and the rest of Altaba's portfolio. Wall Street analysts expect Chinese tax authorities to decide not to impose any capital-gains taxes on all of Altabas sales of Alibaba stock. A few others have proposed that Altaba establish large reserves against disputed claims. Pfizer Invites Public to View and Listen to Webcast of August 1 Conference Call with Analysts. "Alibaba Group Holding Limited (BABA): Summary. SoftBank invested $20 million in Alibaba back in 2000 when it was a young startup. cited in its regulatory filings. In 2019, Ma retired as the company's executive chair. On May 17, 2022, the Fund filed with the Chancery Court a Motion for Certain Distributions to Stockholders (the Requested Distributions Order), and the Chancery Court subsequently granted the Requested Distributions Order, that authorized the Fund to make a cash distribution to stockholders in the amount of $363,585,255, which is the amount by which the Funds assets exceed the aggregate security amount required to be retained by the Fund as set forth in the Chancery Courts April 18, 2022 Memorandum Opinion. As previously disclosed, the Fund will request that, following the filing of the certificate of dissolution and the closing of the Funds stock transfer books, The Depository Trust Company (DTC) maintain records representing the right to receive any post-dissolution liquidating distributions, including transfers of such rights. However, under the Nasdaq rules, Nasdaq has discretionary authority to suspend or terminate the listing of a company that has announced that liquidation has been authorized by its board of directors and that it is committed to proceed, even if the Shares otherwise meet all enumerated criteria for continued listing on Nasdaq. Altaba owns a 15% stake in Alibaba, which is valued at $341 billion as of this writing, making the investment worth over $51 billion. pursuant to the Plan is advisable and in the best interests of the Fund Adam Levy owns shares of Verizon Communications. Investor Relations Intelligence; The Liquidating Distribution represents a partial distribution of the remaining assets of the Fund. Further information regarding the risks, uncertainties and Upon the filing of the certificate of dissolution, the Fund will close its stock transfer books, after which record holders of the Funds common stock, par value $0.001 per share (the Shares), will be prohibited from transferring record ownership of their Shares, except by will, intestate succession or operation of law. position in Alibaba, which has become one of the worlds largest online During the second quarter of 2022, the IRS approved a reduction to the Agreed Security Amount of approximately $11 million that allowed the Fund to make a distribution of such amount after October 2022. That company is worth far more than the $4.5 billion Verizon paid in its deal -- as of this writing, Altaba boasts a market cap of approximately $50 billion. The small stake was held for tax-planning purposes. Under CEO Tom McInerney, Altaba sold the vast bulk of the Alibaba stock and all of Yahoo Japan. Consequently, the Fund expects that transfers of such rights will be tracked by DTC. Inc. Altaba was created from Yahoo! This compensation may impact how and where listings appear. Prior to June 16, 2017, Altaba was known as Yahoo! Investors will get $7.48 a share in cash next month as the liquidation continues. E.investor, is your previous posts-suggesting- holding-shares thru this and get the distribution is also alright to do .. Inc. 06.20.2023. Altaba and the IRS have agreed that Altaba would hold back about $1.7 billion for potential tax liability subject to agreed upon mechanisms for the release of this security as portions of the IRS claims are resolved over time, according to the annual report. Financial Information | Altaba Inc. Financial Information Reports available in electronic copy only upon request: 9/30/22 N-PORT > 3/31/23 N-PORT > A request for an electronic copy of the latest N-PORT delivered by email can be submitted at any time by emailing altabair@altaba.com. It offers a suite of products for storefronts that want to compete in the e-commerce market. Altaba has said it plans to make a second distribution in the fourth quarter of 2020. Jack Ma, co-founder of Alibaba, is no longer the company's largest shareholder, having retired from the company in 2019. The Funds assets primarily consist of a mix of cash and cash equivalents. Tsai quit his high-paying job so the two could work together to create the online import-export marketplace that would eventually become Alibaba. approval. About Altaba Altaba is an independent, publicly traded, non-diversified, closed-end management investment company registered under the Investment Company Act of 1940. These statements are not statements of historical facts and do not reflect historical information. . Joseph Tsai to buy rest of Nets from Mikhail Prokhorov, Alibaba Group Holding Limited (BABA): Holders, Alibaba Group Holding Limited (BABA): Summary. After our Shares are delisted from Nasdaq, brokers may make a market for interests in the Shares representing the right to receive any post-dissolution liquidating distributions, in the over-the-counter market. Yahoo Finance. Inc. reorganized as an investment company and was renamed Altaba Inc. Visit www.altaba.com for more information. dissolution pursuant to the Plan. The Fund filed with the Chancery Court a Motion for Partial Final Judgment on July 15, 2021, and subsequently revised such motion on July 19, 2021, following which the Chancery Court entered an order (the Partial Final Order) authorizing the Fund to make a cash distribution of all of the Funds assets in excess of the aggregate security amount required to be retained by the Fund pending adjudication of the amount of security reasonably likely to provide sufficient compensation for any claims that remain in dispute. 27, 2019 at 11:30 a.m. (Eastern time), at 50 Vanderbilt Avenue, New Visit www.altaba.com for more information. To the extent that a stockholders Shares are not held by a DTC participant as of the Effective Time, it could be more difficult for such stockholder to transfer such stockholders rights to receive any post-dissolution liquidating distributions. (BABA). Inc. after the sale of its operating businesses, at which time Yahoo! Further information regarding the amount and timing of any subsequent liquidating distributions to stockholders will be provided in subsequent press releases or filings with the SEC as such information becomes available. Reports available in electronic or paper copy only upon request: 6/30/22 Semi-Annual Report>12/31/22 Annual Report >. Altaba, the Former Yahoo, Will Make a $3.9 Billion Distribution to TO: ALL PERSONS AND ENTITIES WHO HELD ALTABA INC. COMMON STOCK AS OF THE CLOSE OF TRADING ON SEPTEMBER 14, 2018 ("CURRENT ALTABA SHAREHOLDERS"). View All News. York, New York 10017. Shareholders will receive $51.50 on 9/23/19. About Altaba Altaba is an independent, non-diversified, closed-end management investment company registered under the Investment Company Act of 1940. Altaba is one of the larger holdings of the $3.8 billion Merger Fund, which focuses on risk arbitrage and special situations. The Fund has requested that The Depository Trust Company (DTC) maintain records representing the right to receive any post-dissolution liquidating distributions, including transfers of such rights. It appears most investors are pricing in the likelihood of a 36.5% tax burden on any sale proceeds. Altaba Inc. (Altaba or the Fund) (NASDAQ:AABA) today announced that Altaba Announces Liquidating Distribution of $8.33 Per Share Consequently, the Fund expects that any transfers of such rights will be tracked by DTC. If you would briefly explain this distribution is also ok instead of selling and receive funds into trading account to use later ..correct me if wrong in saying this.,thank you for all this interesting infm you have given.. E.investor, is tour previous posts saying to hold to shares thru this and get the distribution If you would briefly explain this distribution is also ok instead of selling and receive funds into trading account to use later ..correct me if wrong in saying this.,thank you fir all your interesting infm given.. Altaba is the largest liquidation in history. Inc." Altaba was created from Yahoo! In connection with the proposed The Securities and Exchange Commission today announced that the entity formerly known as Yahoo! Alibaba Investor Relations - Alibaba Group proposed liquidation and dissolution pursuant to the Plan. Image source: Alibaba. Amazon's revenue also outpaced Alibaba by around 4x in 2021. Board of Directors | Altaba Inc. Please carefully consider these factors, as well as other information contained in the Proxy Statement, and in the Funds periodic reports and documents filed with the SEC. This means investors stand to make about $3, or 15%, as the liquidation process plays out over the coming years. be obtained free of charge at the SECs website at www.sec.gov. Upon the filing of the certificate of dissolution, the Fund will close its stock transfer books, after which record holders of the Funds common stock, par value $0.001 per share (the Shares), will be prohibited from transferring record ownership of their Shares, except by will, intestate succession or operation of law. Subscribe to our daily news briefing, partner offers and other newsletters catered to investors like you! To the extent that a stockholders Shares were not held by a DTC participant as of 4:00 p.m. Eastern Time on October 4, 2019, it could be more difficult for such stockholder to transfer such stockholders rights to receive any post-dissolution liquidating distributions. Altaba Inc. (formerly known as Yahoo! 10Q), news updates (8K), investor presentations (found in 8Ks), insider trades (form 4), ownership reports (13D, and 13G), and reports related to the specific securities sold, such as registration statements and prospectus. Chairman of the Board - Former Chief Executive Officer, Altaba Inc. Lead Independent Director - Former Chairman of the Board, Altaba Inc. - Former Executive Vice President and Chief Financial Officer, Broadcom Corporation, Executive Partner, GV - Former Managing Director, Morgan Stanley, Former Chairman of Energy and Finance for New York, Chief Executive, Financial and Accounting Officer. Inc. Altaba was created from Yahoo! The tax obligation including penalties and interest from the CA Agreements resulted in payments of $59.9 million. Inc. reorganized as an investment company, was renamed It is what I plan to do. Everything is great when you invest $1 billion in a company valued at $2.5 billion, and the company proceeds to grow more than 100-fold over the next decade. The Fund, together with the DOJ, filed with the District of Delaware a Joint Motion Regarding Claims Raised by Claimant the Internal Revenue Service, following which the District of Delaware entered an order on October 26, 2020 (the Order) establishing a separate account in the Funds name with the purpose of holding an agreed upon amount as security for the claims asserted by the IRS (the Agreed Security Amount). 3-1 stock split Filing for 3-for-1 Stock Split AI Day 2. STOCKHOLDERS OF THE FUND ARE URGED TO The company is a global e-commerce platform based in China. Further information regarding the amount and timing of any subsequent liquidating distributions to stockholders will be provided in subsequent press releases or filings with the SEC as such information becomes available. The Fund and its directors and executive officers may, under SEC rules, Barrons has written about the Altaba liquidation situation, including an article in May 2020. Why does this sound like its too good to be true? It offers a range of services including funds, account management, retirement plans, and advisory services for individuals, corporations, and other institutions. the SEC in connection with the proposed liquidation and dissolution Altaba is the former Yahoo!, which changed its name to Altaba in June 2017 after it sold its internet business to Verizon Communications (VZ). The intention at the time was to maximize the value of the companys remaining assets, mainly the 15% stake in Alibaba, as well as a much smaller stake in Yahoo Japan ? Corporate Governance - Board of Directors - Werner Enterprises In addition, we will close our stock transfer books and discontinue recording transfers at the Effective Time. ", eMarketer. Investors are assuming that no Chinese capital-gains taxes will be levied. Financial Information | Altaba Inc. Please do not consider this a recommendation. Altaba Inc. (AABA) Message Board | InvestorsHub McInerny's top task will be to reduce the that tax liability through strategic divestments of its holdings. Inc. Altaba was created from Yahoo! Altaba shares haven't been publicly traded since October 2019, when they were delisted from the Nasdaq around the time it filed a plan of liquidation and dissolution in Delaware after distributing $51.50 a share in cash to its holders. Last update was 1727 days ago UPDATE NOW. Amanda Jackson has expertise in personal finance, investing, and social services. The quicker and larger the payments, the better for investors. Richard Kauffman is Chair of Generate Capital, a leading financier of clean energy projects. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION. NAV $15.43 (3/31/21) Tax Updates In March 2021 and April 2021, the Fund entered into Closing Agreements with the California Franchise Tax Board (FTB) regarding the Funds taxable years ending on December 31, 2007 through December 31, 2017 and December 31, 2018 through December 31, 2019 (CAAgreements). If retail investors should sell, then why is the price going up? Company Profile and Recent Developments Altaba Inc. (formerly known as Yahoo! Altaba declined to comment on the sale. Is this what is left from the once publicly traded company? "Alibaba Group Holding Limited (BABA): Holders.". has filed a preliminary proxy statement with the U.S. Securities and As previously disclosed, the Fund will request that, following the filing of the certificate of dissolution and the closing of the Funds stock transfer books, The Depository Trust Company (DTC) maintain records representing the right to receive any post-dissolution liquidating distributions, including transfers of such rights. The Funds assets primarily consist of a substantial Understanding the Chip Business and Solar Inverters, 3 Growth Stocks to Buy That Could Be Massive Long-Term Winners, NXP Semiconductors (NXPI) Q2 2023 Earnings Call Transcript, Cumulative Growth of a $10,000 Investment in Stock Advisor, Join Over Half a 1 Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. https://www.businesswire.com/news/home/20230105005860/en/Altaba-Announces-Liquidating-Distribution-of-0.68-Per-Share, Annual Report (12/31/22) https://www.altaba.com/static-files/d05f7f44-02a1-4943-b17e-178c8f3d46f8, Semi-Annual Report (6/30/22) https://www.altaba.com/static-files/008b1aa9-bd15-439a-8e70-26e376785206, Altaba Announces Liquidating Distribution of $1.43 Per Share (7/21/22) NEW YORK--(BUSINESS WIRE)--Altaba Inc. (Altaba or the Fund) today announced that on Wednesday, July 20, 2022, after the close of business, the Board approved a liquidating distribution of $1.43 per share of the Funds common stock, par value $0.001 per share, or $742,901,253 in the aggregate (the Liquidating Distribution), which will be payable on July 29, 2022. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION. 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On May 28, 2020, as part of the Funds court-supervised wind-up proceedings pursuant to Sections 280 and 281(a) of the General Corporation Law of the State of Delaware (the DGCL) pending before the Court of Chancery of the State of Delaware (the Chancery Court), the Fund filed a verified petition for determinations pursuant to Section 280 of the DGCL (the Chancery Action). The stock is being tracked by Street arbitrage and special-situation trading desks. The Fund's assets primarily consist of a mix of cash and cash equivalents.. But unless you're also looking to invest in Yahoo! Additional information regarding the Plan and the liquidation and dissolution process can be found in the proxy statement filed with the U.S. Securities and Exchange Commission (the SEC) on May 17, 2019 (as supplemented, the Proxy Statement).
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