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Share Name | Share Symbol | Market | Type |
---|---|---|---|
DVL Inc (PK) | USOTC:DVLN | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4,400.00 | 4,400.00 | 4,900.00 | 0.00 | 14:30:21 |
x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For
the quarterly period ended September 30, 2009
|
|
or
|
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For
the transition period from _________ to _________
|
|
Delaware
|
13-2892858
|
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
|
70
East 55
th
Street, New York, New York
|
10022
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
|
(212)
350-9900
|
||
(registrant’s
telephone number, including area code)
|
||
(Former
name, former address and former fiscal year, if changed since last
report)
|
Large
accelerated filer
o
|
Accelerated
filer
o
|
Non-accelerated
filer (Do not check if a smaller reporting company)
o
|
Smaller
reporting company
x
|
Class
|
Number of
Shares
|
|
Common
Stock, $.01 par value
|
44,770,345
|
Part
I
|
Financial
Information:
|
Pages
|
Item
1. – Financial Statements:
|
||
2 –
3
|
||
4
|
||
5
|
||
6
|
||
7 –
8
|
||
9 –
16
|
||
17
– 27
|
||
27
|
||
27
– 28
|
||
Part
II
|
Other
Information:
|
|
29
|
||
29
|
||
29
|
||
29
|
||
29
|
||
29
|
||
29
|
||
30
|
September
30,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
(unaudited)
|
||||||||
ASSETS
|
||||||||
Residual
interests in securitized portfolios
|
$ | 45,443 | $ | 45,789 | ||||
Mortgage
loans receivable from affiliated partnerships (net
of
unearned interest of $4,342 for 2009 and $5,181 for
2008)
|
13,716 | 14,279 | ||||||
Allowance
for loan losses
|
(2,405 | ) | (2,180 | ) | ||||
Net
mortgage loans receivable
|
11,311 | 12,099 | ||||||
Cash
(including restricted cash of $299 for 2009 and $0 for
2008)
|
1,702 | 496 | ||||||
Investments
|
||||||||
Real
estate at cost (net of accumulated depreciation and amortization of $1,535
for 2009 and $1,359 for 2008)
|
9,150 | 9,320 | ||||||
|
||||||||
Affiliated
limited partnerships (net of allowance for losses of $448, for 2009 and
2008)
|
657 | 657 | ||||||
|
||||||||
Net
deferred tax asset
|
2,105 | 2,257 | ||||||
Other
assets
|
3,237 | 3,552 | ||||||
Assets
of discontinued operations
|
- | 895 | ||||||
Total
assets
|
$ | 73,605 | $ | 75,065 | ||||
September
30,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
(unaudited)
|
||||||||
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
||||||||
Liabilities:
|
||||||||
Notes
payable - residual interests
|
$ | 31,762 | $ | 34,172 | ||||
Underlying
mortgages payable
|
2,919 | 3,626 | ||||||
Debt
- other
|
11,610 | 11,195 | ||||||
Debt
- affiliates
|
1,380 | 1,527 | ||||||
Interest
rate swaps
|
202 | 231 | ||||||
Redeemed
notes payable - litigation settlement
|
770 | 775 | ||||||
Security
deposits, accounts payable and accrued liabilities (including deferred
income of $199 for 2009 and $21 for 2008)
|
415 | 616 | ||||||
Total
liabilities
|
49,058 | 52,142 | ||||||
Commitments
and contingencies
|
||||||||
Stockholders'
equity:
|
||||||||
Preferred
stock, $10.00 par value, authorized, issued and outstanding 100
shares
|
1 | 1 | ||||||
Preferred
stock, $.01 par value, authorized 5,000,000 shares, issued and outstanding
-0-
|
- | - | ||||||
Common
stock, $.01 par value, authorized - 90,000,000 shares, issued and
outstanding 44,770,345 for 2009 and 2008
|
448 | 448 | ||||||
Additional
paid-in-capital
|
97,003 | 97,003 | ||||||
Deficit
|
(72,703 | ) | (74,298 | ) | ||||
Accumulated
other comprehensive loss
|
(202 | ) | (231 | ) | ||||
Total
stockholders' equity
|
24,547 | 22,923 | ||||||
Total
liabilities and stockholders' equity
|
$ | 73,605 | $ | 75,065 |
Three
Months Ended
|
||||||||
September
30,
|
||||||||
2009
|
2008
|
|||||||
Income
from affiliates:
|
||||||||
Interest
on mortgage loans
|
$ | 557 | $ | 353 | ||||
Partnership
management fees
|
59 | 65 | ||||||
Management
fees
|
13 | 15 | ||||||
Transaction
and other fees from partnerships
|
1 | - | ||||||
Distributions
from partnerships
|
27 | 176 | ||||||
Income
from others:
|
||||||||
Interest
income - residual interests
|
1,601 | 1,502 | ||||||
Net
rental income (including depreciation and amortization of $41 for 2009 and
$55 for 2008)
|
163 | 157 | ||||||
Other
income and interest
|
51 | 19 | ||||||
2,472 | 2,287 | |||||||
Operating
expenses:
|
||||||||
General
and administrative
|
364 | 392 | ||||||
Asset
servicing fee - NPO Management LLC
|
195 | 196 | ||||||
Legal
and professional fees
|
115 | 119 | ||||||
Provision
for loan losses
|
100 | 50 | ||||||
Interest
expense:
|
||||||||
Underlying
mortgages
|
57 | 80 | ||||||
Notes
payable - residual interests
|
669 | 705 | ||||||
Affiliates
|
42 | 45 | ||||||
Others
|
214 | 267 | ||||||
1,756 | 1,854 | |||||||
Income
from continuing operations before income tax expense
|
716 | 433 | ||||||
Income
tax expense
|
(44 | ) | (189 | ) | ||||
Income
from continuing operations
|
672 | 244 | ||||||
(Loss)
income from discontinued operations - net of tax of $-0- in both
periods
|
(116 | ) | 61 | |||||
Net
income
|
$ | 556 | $ | 305 |
Nine
Months Ended
|
||||||||
September
30,
|
||||||||
2009
|
2008
|
|||||||
Income
from affiliates:
|
||||||||
Interest
on mortgage loans
|
$ | 1,686 | $ | 1,478 | ||||
Gain
on satisfaction of mortgage loans
|
- | 999 | ||||||
Partnership
management fees
|
168 | 189 | ||||||
Management
fees
|
43 | 52 | ||||||
Transaction
and other fees from partnerships
|
27 | 88 | ||||||
Distributions
from partnerships
|
133 | 230 | ||||||
Income
from others:
|
||||||||
Interest
income - residual interests
|
4,684 | 4,466 | ||||||
Net
rental income (including depreciation and amortization of $137
for 2009 and $148 for 2008)
|
267 | 362 | ||||||
Other
income and interest
|
76 | 57 | ||||||
7,084 | 7,921 | |||||||
Operating
expenses:
|
||||||||
General
and administrative
|
1,111 | 1,154 | ||||||
Asset
servicing fee - NPO Management LLC
|
586 | 579 | ||||||
Legal
and professional fees
|
274 | 291 | ||||||
Provision
for loan losses
|
225 | 150 | ||||||
Interest
expense:
|
||||||||
Underlying
mortgages
|
182 | 267 | ||||||
Notes
payable - residual interests
|
2,034 | 2,177 | ||||||
Affiliates
|
128 | 142 | ||||||
Others
|
770 | 835 | ||||||
5,310 | 5,595 | |||||||
Income
from continuing operations before income tax expense
|
1,774 | 2,326 | ||||||
Income
tax expense
|
(77 | ) | (432 | ) | ||||
Income
from continuing operations
|
1,697 | 1,894 | ||||||
Loss
from discontinued operations - net of tax of $-0- in both
periods
|
(102 | ) | (48 | ) | ||||
Net
income
|
$ | 1,595 | $ | 1,846 |
Accumulated
|
||||||||||||||||||||||||||||||||||||
Preferred
Stock
|
Common
Stock
|
Additional
|
Other
|
|||||||||||||||||||||||||||||||||
Paid-In
|
Comprehensive
|
Comprehensive
|
||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Income
(Loss)
|
Total
|
Income
|
||||||||||||||||||||||||||||
Balance
- January 1, 2009
|
100 | $ | 1 | 44,770,345 | $ | 448 | $ | 97,003 | $ | (74,298 | ) | $ | (231 | ) | $ | 22,923 | $ | - | ||||||||||||||||||
Unrealized gain on
valuation of interest rate swap agreements
|
- | - | - | - | - | - | 29 | 29 | 29 | |||||||||||||||||||||||||||
Net
income
|
- | - | - | - | - | 1,595 | - | 1,595 | 1,595 | |||||||||||||||||||||||||||
Balance
- September 30, 2009
|
100 | $ | 1 | 44,770,345 | $ | 448 | $ | 97,003 | $ | (72,703 | ) | $ | (202 | ) | $ | 24,547 | $ | 1,624 |
Nine
Months Ended
|
||||||||
September
30,
|
||||||||
2009
|
2008
|
|||||||
Cash
flows from operating activities:
|
||||||||
Continuing
operations:
|
||||||||
Income
from continuing operations
|
$ | 1,697 | $ | 1,894 | ||||
Adjustments
to reconcile income to net cash provided by (used in) operating activities
from continuing operations
|
||||||||
Interest
accretion on residual interests
|
(204 | ) | - | |||||
Net
(decrease) increase in accrued interest on debt
|
27 | (5 | ) | |||||
Gain
on satisfaction of mortgage loans
|
- | (999 | ) | |||||
Depreciation
|
176 | 140 | ||||||
Provision
for loan losses
|
225 | (187 | ) | |||||
Amortization
of unearned interest on loan receivables
|
(839 | ) | (668 | ) | ||||
Net
decrease in deferred tax asset
|
152 | 335 | ||||||
Net
decrease (increase) in other assets
|
383 | (985 | ) | |||||
Net
decrease in accounts payable, security deposits and accrued
liabilities
|
(379 | ) | 62 | |||||
Net
increase in deferred income
|
178 | 213 | ||||||
Net
cash provided by (used in) continuing operations
|
1,416 | (200 | ) | |||||
Discontinued
operations:
|
||||||||
Loss
from discontinued operations
|
(102 | ) | (48 | ) | ||||
Gain
on sale of discontinued asset
|
(47 | ) | - | |||||
Net
decrease (increase) in assets and liabilities of discontinued
operations
|
28 | (441 | ) | |||||
Cash
used in discontinued operations
|
(121 | ) | (489 | ) | ||||
Net
cash provided by (used in) operating activities
|
1,295 | (689 | ) |
Nine
Months Ended
|
||||||||
September
30,
|
||||||||
2009
|
2008
|
|||||||
Cash
flows from investing activities:
|
||||||||
Collections
on loans receivable
|
$ | 1,402 | $ | 3,675 | ||||
Principal
collections on retained interests
|
1,618 | 518 | ||||||
Real
estate acquisitions and capital improvements
|
(6 | ) | (166 | ) | ||||
Net
proceeds from the sale of discontinued assets
|
914 | - | ||||||
Net
cash provided by investing activities
|
3,928 | 4,027 | ||||||
Cash
flows from financing activities:
|
||||||||
Proceeds
from new borrowings
|
6,450 | 4,050 | ||||||
Principal
payments on debt
|
(6,209 | ) | (4,062 | ) | ||||
Payments
of prepaid financing costs
|
(68 | ) | - | |||||
Repurchase
of common stock
|
- | (62 | ) | |||||
Payments
on underlying mortgages payable
|
(707 | ) | (1,483 | ) | ||||
Payments
on notes payable - residual interest
|
(3,478 | ) | (2,222 | ) | ||||
Payments
related to debt redemptions
|
(5 | ) | - | |||||
|
||||||||
Net
cash used in financing activities
|
(4,017 | ) | (3,779 | ) | ||||
Net
increase (decrease) in cash
|
1,206 | (441 | ) | |||||
Cash,
beginning of period
|
496 | 1,028 | ||||||
Cash,
end of period
|
$ | 1,702 | $ | 587 | ||||
Supplemental
disclosure of cash flow information:
|
||||||||
Cash
paid during the period for interest
|
$ | 2,878 | $ | 3,157 | ||||
Cash
paid for income taxes
|
$ | 26 | $ | 166 | ||||
Supplemental
disclosure of non-cash investing and financing
activities:
|
||||||||
Residual
interests in securitized portfolios - increase /
(decrease)
|
$ | 1,068 | $ | (565 | ) | |||
Notes
payable - residual interests - increase /
(decrease)
|
$ | 1,068 | $ | (565 | ) |
1.
|
Basis
of Presentation
|
2.
|
Reclassifications
|
3.
|
Recent
Accounting Pronouncements
|
4.
|
Residual
Interests in Securitized Portfolios
|
5.
|
Real
Estate
|
6.
|
Other
Assets
|
7.
|
Discontinued
Operations
|
8.
|
Debt
|
9.
|
Transactions
with Affiliates
|
Fee
Income For The
Three
Months Ended
09/30/09
|
Fee
Income For The
Three
Months Ended
09/30/08
|
Fee
Income For The
Nine
Months Ended
09/30/09
|
Fee
Income For The
Nine
Months Ended
09/30/08
|
$ 13
|
$ 15
|
$ 43
|
$ 52
|
Fees
Recorded
For
The
Three
Months
Ended
09/30/09
|
Fees
Recorded
For
The
Three
Months
Ended
09/30/08
|
Fees
Recorded
For
The
Nine
Months
Ended
09/30/09
|
Fees
Recorded
For
The
Nine
Months
Ended
09/30/08
|
$ 27
|
$ 27
|
$ 81
|
$ 81
|
Three
Months
Ended
09/30/09
|
Three
Months
Ended
09/30/08
|
Nine
Months
Ended
09/30/09
|
Nine
Months
Ended
09/30/08
|
|
Pemmil
Funding
|
$ 42
|
$ 45
|
$ 128
|
$ 142
|
10.
|
Contingent
Liabilities
|
11.
|
Stockholder’s
Equity
|
12.
|
Cash
Flow Hedges
|
Hedge
Type
|
Notional
Value
|
Rate
|
Termination
Date
|
Fair
Value
|
Interest
rate swap agreement
|
$ 3,723
|
5.94%
|
July
1, 2011
|
$
(180)
|
Interest
rate swap agreement
|
$ 2,046
|
6.09%
|
February
1, 2014
|
$ (22)
|
13.
|
Earnings
per share
|
Three
Months Ended September 30,
|
||||||||||||||||||||||||
2009
|
2008
|
|||||||||||||||||||||||
Weighted
Average
|
Weighted
Average
|
|||||||||||||||||||||||
Number
of
|
Per
Share
|
Number
of
|
Per
Share
|
|||||||||||||||||||||
Amount
|
Shares
|
Amount
|
Amount
|
Shares
|
Amount
|
|||||||||||||||||||
Basic
EPS,
|
||||||||||||||||||||||||
Net
income available to common stockholders
|
$ | 556 | 44,770,345 | $ | 0.01 | $ | 305 | 45,051,691 | $ | 0.01 | ||||||||||||||
Effect
of dilutive stock options
|
- | 13,725 | - | 161,653 | ||||||||||||||||||||
Diluted
EPS,
|
||||||||||||||||||||||||
Net
income available to common stockholders
|
$ | 556 | 44,784,070 | $ | 0.01 | $ | 305 | 45,213,344 | $ | 0.01 |
Nine
Months Ended September 30,
|
||||||||||||||||||||||||
2009
|
2008
|
|||||||||||||||||||||||
Weighted
Average
|
Weighted
Average
|
|||||||||||||||||||||||
Number
of
|
Per
Share
|
Number
of
|
Per
Share
|
|||||||||||||||||||||
Amount
|
Shares
|
Amount
|
Amount
|
Shares
|
Amount
|
|||||||||||||||||||
Basic
EPS,
|
||||||||||||||||||||||||
Net
income available to common stockholders
|
$ | 1,595 | 44,770,345 | $ | 0.04 | $ | 1,846 | 45,129,819 | $ | 0.04 | ||||||||||||||
Effect
of dilutive stock options
|
- | 23,143 | - | 125,036 | ||||||||||||||||||||
Diluted
EPS,
|
||||||||||||||||||||||||
Net
income available to common stockholders
|
$ | 1,595 | 44,793,488 | $ | 0.04 | $ | 1,846 | 45,254,855 | $ | 0.04 |
14.
|
Segment
Information
|
Nine
Months Ended
|
||||||||
September
30,
|
||||||||
2009
|
2008
|
|||||||
Revenues
|
||||||||
Residual
interests
|
$ | 4,684 | $ | 4,466 | ||||
Real
estate
|
2,324 | 3,398 | ||||||
Corporate
/ other
|
76 | 57 | ||||||
Total
consolidated revenues
|
$ | 7,084 | $ | 7,921 | ||||
Net
income (loss)
|
||||||||
Residual
interests
|
$ | 2,643 | $ | 2,282 | ||||
Real
estate
|
(1,050 | ) | (217 | ) | ||||
Corporate
/ other
|
104 | (171 | ) | |||||
Total
income from continuing operations
|
$ | 1,697 | $ | 1,894 | ||||
As
of
|
As
of
|
|||||||
September
30, 2009
|
December
31, 2008
|
|||||||
Assets
|
||||||||
Residual
interests
|
$ | 45,443 | $ | 45,789 | ||||
Real
estate
|
26,057 | 27,019 | ||||||
Corporate
/ other
|
2,105 | 2,257 | ||||||
Total
consolidated assets
|
$ | 73,605 | $ | 75,065 | ||||
15.
|
Discontinued
Operations
|
Nine
Months Ended September 30,
|
||||||||
2009
|
2008
|
|||||||
Income
|
$ | - | $ | 178 | ||||
Expenses
|
149 | 226 | ||||||
Loss
from discontinued operations before gain on sale
|
(149 | ) | (48 | ) | ||||
Gain
on sale
|
47 | - | ||||||
Loss
from discontinued operations
|
$ | (102 | ) | $ | (48 | ) | ||
September
30,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
Assets
of discontinued operations
|
$ | - | $ | 895 |
16.
|
Subsequent
Events
|
Three
Months Ended
September 30,
2009
|
Three
Months Ended
September 30,
2008
|
|
Interest
income on mortgage loans
|
$
557
|
$ 353
|
Interest
expense on underlying mortgages
|
$
57
|
$
80
|
Three
Months Ended
September 30,
2009
|
Three
Months Ended
September 30,
2008
|
|
Partnership
management fees
|
$ 59
|
$ 65
|
Three
Months Ended
September 30,
2009
|
Three
Months Ended
September 30,
2008
|
|
Management
fees
|
$ 13
|
$ 15
|
Three
Months Ended
September 30,
2009
|
Three
Months Ended
September 30,
2008
|
|
Transaction
and other fees from partnerships
|
$ 1
|
$ 0
|
Three
Months Ended
September 30,
2009
|
Three
Months Ended
September 30,
2008
|
|
Distributions
from partnerships
|
$ 27
|
$ 176
|
Three
Months Ended
September 30,
2009
|
Three
Months Ended
September 30,
2008
|
|
Interest
income on residual interests
|
$
1,601
|
$ 1,502
|
Interest
expense on related notes payable
|
$
669
|
$
705
|
Three
Months Ended
September 30,
2009
|
Three
Months Ended
September 30,
2008
|
|
Net
rental income from others
|
$ 163
|
$ 157
|
Gross
rental income from others
|
$ 316
|
$ 312
|
Three
Months Ended
September 30,
2009
|
Three
Months Ended
September 30,
2008
|
|
General
and administrative
|
$ 364
|
$ 392
|
Three
Months Ended
September 30,
2009
|
Three
Months Ended
September 30,
2008
|
|
Asset
servicing fee
|
$ 195
|
$ 196
|
Three
Months Ended
September 30,
2009
|
Three
Months Ended
September 30,
2008
|
|
Legal
and professional fees
|
$ 115
|
$ 119
|
Three
Months Ended
September 30,
2009
|
Three
Months Ended
September 30,
2008
|
|
Provision
for loan losses
|
$ 100
|
$ 50
|
Three
Months Ended
September 30,
2009
|
Three
Months Ended
September 30,
2008
|
|
Interest
expense – affiliates
|
$
42
|
$ 45
|
Three
Months Ended
September 30,
2009
|
Three
Months Ended
September 30,
2008
|
|
Interest
expense – others
|
$ 214
|
$ 267
|
Three
Months Ended
September 30,
2009
|
Three
Months Ended
September 30,
2008
|
|
Income
tax expense
|
$ 44
|
$ 189
|
Three
Months Ended
September 30, 2009 |
Three
Months Ended
September 30, 2008 |
|||||||||
Income
|
$ | - | $ | 61 | ||||||
Expenses
|
43 | - | ||||||||
(Loss)
income from discontinued operations before loss on sale
|
(43 | ) | 61 | |||||||
Loss
on sale
|
(73 | ) | - | |||||||
(Loss)
income from discontinued operations
|
$ | (116 | ) | $ | 61 |
Nine
Months Ended
September 30,
2009
|
Nine
Months Ended
September 30,
2008
|
|
Interest
income on mortgage loans
|
$ 1,686
|
$1,478
|
Interest
expense on underlying mortgages
|
$ 182
|
$
267
|
Nine
Months Ended
September 30,
2009
|
Nine
Months Ended
September 30,
2008
|
|
Gain
on satisfaction of mortgage loans
|
$ -
|
$
999
|
Nine
Months Ended
September 30,
2009
|
Nine
Months Ended
September 30,
2008
|
|
Partnership
management fees
|
$ 168
|
$
189
|
Nine
Months Ended
September 30,
2009
|
Nine
Months Ended
September 30,
2008
|
|
Management
fees
|
$ 43
|
$ 52
|
Nine
Months Ended
September 30,
2009
|
Nine
Months Ended
September 30,
2008
|
|
Transaction
and other fees from partnerships
|
$ 27
|
$ 88
|
Nine
Months Ended
September 30,
2009
|
Nine
Months Ended
September 30,
2008
|
|
Distributions
from partnerships
|
$ 133
|
$ 230
|
Nine
Months Ended
September 30,
2009
|
Nine
Months Ended
September 30,
2008
|
|
Interest
income on residual interests
|
$
4,684
|
$
4,466
|
Interest
expense on related notes payable
|
$
2,034
|
$
2,177
|
Nine
Months Ended
September 30,
2009
|
Nine
Months Ended
September 30,
2008
|
|
Net
rental income from others
|
$ 267
|
$
362
|
Gross
rental income from others
|
$ 878
|
$
906
|
Nine
Months Ended
September 30,
2009
|
Nine
Months Ended
September 30,
2008
|
|
General
and administrative
|
$1,111
|
$ 1,154
|
Nine
Months Ended
September 30,
2009
|
Nine
Months Ended
September 30,
2008
|
|
Asset
servicing fee
|
$ 586
|
$
579
|
Nine
Months Ended
September 30,
2009
|
Nine
Months Ended
September 30,
2008
|
|
Legal
and professional fees
|
$ 274
|
$
291
|
Nine
Months Ended
September 30,
2009
|
Nine
Months Ended
September 30,
2008
|
|
Provision
for loan losses
|
$ 225
|
$ 150
|
Nine
Months Ended
September 30,
2009
|
Nine
Months Ended
September 30,
2008
|
|
Interest
expense – affiliates
|
$ 128
|
$ 142
|
Nine
Months Ended
September 30,
2009
|
Nine
Months Ended
September 30,
2008
|
|
Interest
expense – others
|
$ 770
|
$ 835
|
Nine
Months Ended
September 30,
2009
|
Nine
Months Ended
September 30,
2008
|
|
Income
tax expense
|
$ 77
|
$ 432
|
Nine
Months Ended
September 30, 2009 |
Nine
Months Ended
September 30, 2008 |
|||||||||
Income
|
$ | - | $ | 178 | ||||||
Expenses
|
149 | 226 | ||||||||
Loss
from discontinued operations before gain on sale
|
(149 | ) | (48 | ) | ||||||
Gain
on sale
|
47 | - | ||||||||
Loss
from discontinued operations
|
$ | (102 | ) | $ | (48 | ) |
Years
|
Minimum
|
Maximum
|
2009
|
$ 743
|
$ 880
|
2010
to final payment on the notes*
|
$ 1,050
|
$ 1,150
|
Purpose
|
Creditor
|
Original
Loan
Amount
|
Outstanding
Balance
Including
Accrued
Interest at
September 30,
2009
|
Due
Date
|
Repurchase
of Notes Issued by the Company
|
Pemmil
(1)
|
$ 2,500
|
$ 1,380
|
12/31/09
|
Purchase
of Mortgages
|
Unaffiliated
Bank (2)
|
$ 2,200
|
$ 2,056
|
02/01/14
|
Refinancing
of Repurchase of Notes Issued by the Company
|
Unaffiliated
Bank (3)
|
$ 1,500
|
$ 1,358
|
06/05/12
|
Construction
Financing
|
Unaffiliated
Bank (4)
|
$ 4,250
|
$ 4,272
|
01/21/11
|
General
Corporate Purposes
|
Unaffiliated
Bank (5)
|
$ 250
|
$ 182
|
02/01/13
|
Refinancing
of Notes Issued by the Company to Acquire Property
|
Unaffiliated
Bank (6)
|
$ 3,800
|
$ 3,742
|
07/01/11
|
(1)
|
|
Pemmil
Funding, LLC (“Pemmil”) previously made a loan to the Company in the
original principal amount of $2,500 pursuant to the terms of that certain
Loan and Security Agreement, dated December 27, 2005 (the “Pemmil Loan
Agreement”) between Pemmil and the Company evidenced by the Original Term
Note (which has subsequently been amended and restated pursuant to the
Amendment No.1). The Pemmil Loan Agreement provided that the principal and
unpaid interest were originally due on December 27, 2008 and provided for
interest at a rate of 12% per annum, compounded monthly. Interest is
payable monthly on the loan, but the Company may elect not to make any
such interest payment when due, and such amount of unpaid monthly interest
shall be added to principal. The Company is required to prepay the loan
(plus any accrued and unpaid interest) to the extent that the Company
consummates certain capital transactions (as defined in the Pemmil Loan
Agreement) that result in net proceeds (as defined in the Pemmil Loan
Agreement) to the Company. Pemmil may, in its sole discretion, accelerate
the Loan after the occurrence and during the continuance of an event of
default (as defined in the Pemmil Loan Agreement). The obligations under
the Pemmil Loan Agreement are secured by a subordinated pledge of the
Company’s equity interest in S2. The Company may prepay all or a portion
of the loan at any time prior to maturity without penalty or premium.
During the nine months ended September 30, 2009, the Company paid $275 of
interest previously accrued to Pemmil. On November 10, 2008 the Pemmil
Loan Agreement was amended to extend the due date for the payment of the
principal and unpaid interest to December 31, 2009. The Company is
currently in discussions to extend the due date. The inability of the
Company to refinance or extend such loan on or prior to its maturity date
would have a material adverse effect on the Company’s financial
condition.
|
(2)
|
On
April 24, 2009 the Company entered into a loan agreement, evidenced by a
term note for $2,200. The principal amount bears interest at an annual
rate of Libor plus 4% and self amortizes with a portion of the principal
payable monthly through February 1, 2014. The repayment of the obligations
under the term note and the loan documents is secured by certain
collateral assignments from DVL Holdings to the lender with respect to
mortgage notes and mortgages held by DVL Holdings with respect to mortgage
financings provided to affiliated limited partnerships. Additionally, the
Company guaranteed the obligations of DVL Holdings under such loan
documents. The majority of the loan proceeds were used to paydown the
existing loan.
|
(3)
|
Interest
rate is fixed at 7.75% per annum payable monthly. Monthly payments are
interest only. An annual principal payment of $50 is required. During
November 2009, the Company negotiated an extension of the maturity of the
loan until June 5, 2012.
|
(4)
|
On
January 21, 2009, DVL Holdings entered into a loan agreement, evidenced by
a note, with an unaffiliated third party bank in an aggregate amount of up
to $6,450 pursuant to the first note in the amount of $4,250 and the
second note in the amount of $2,200. DVL Holdings borrowed $4,250 and such
funds were used to repay outstanding borrowings. Borrowings under the
second note will be advanced by the lender in the future upon the
satisfaction of certain conditions specified in such note and such funds
will be used in accordance with the terms of the agreement and second
note.
|
(5)
|
On
January 30, 2008, the Company entered into a loan agreement with an
unaffiliated third party bank for $250. The loan bears interest at a rate
of 7.5% per annum. Principal and interest payments of $5 are due monthly
through the scheduled maturity date of February 1,
2013.
|
(6)
|
On
June 6, 2008, Delbrook Holding LLC (“Delbrook”), a Delaware limited
liability Company and 100% owned subsidiary of DVL borrowed an aggregate
of $3,800 pursuant to a Mortgage Note (the “Mortgage Note”) with an
unaffiliated third party bank in the principal amount of $3,800. The
Mortgage Note is secured by a mortgage on certain of the Company’s
property located in Kearny, New Jersey and by an assignment of leases on
such property. The principal amount outstanding under the Note, bears
interest, which is payable monthly, at an annual rate equal to the one
month LIBOR plus 2.1%.
|
Hedge
Type
|
Notional
Value
|
Rate
|
Termination
Date
|
Fair
Value
|
Interest
rate swap agreement
|
$ 3,740
|
5.94%
|
July
1, 2011
|
$
(180)
|
Hedge
Type
|
Notional
Value
|
Rate
|
Termination
Date
|
Fair
Value
|
Interest
rate swap agreement
|
$ 2,161
|
6.09%
|
February
1, 2014
|
$ (22)
|
Item
1.
|
Legal
Proceedings
|
Item
1A.
|
Risk
Factors
|
Item
2.
|
Unregistered Sales of
Equity Securities and Use of
Proceeds
|
Item
3.
|
Defaults Upon Senior
Securities
|
Item
4.
|
Submission of Matters
to a Vote of Security
Holders
|
Item
5.
|
Other
Information
|
Item
6.
|
Exhibits and Report on
Form 8-K:
|
|
a.
|
Index
to Exhibits
|
Exhibit No.
|
Description of
Document
|
10.1
|
Accounting
Services Agreement between DVL, Inc. and Real Estate Systems
Implementation Group, LLC dated November 2, 2009.
|
10.2
|
Amendment
to Redeveloper Agreement between the Town of Kearny, New Jersey and DVL,
Inc.
|
31.1
|
Principal
Executive Officer’s Certificate, pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
|
31.2
|
Principal
Financial Officer’s Certificate, pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
|
32.1
|
Certification
of Chief Executive Officer and Chief Financial Officer, pursuant to 18
U.S.C. Section 1350, as adopted pursuant to the Section 908 of
Sarbanes-Oxley Act of 2002.
|
|
b.
|
Report
on Form 8-K:
|
DVL,
Inc.
|
||
By:
|
/s/
Neil Koenig
|
|
Neil
Koenig, Executive Vice President and
Chief
Financial Officer
|
1 Year DVL (PK) Chart |
1 Month DVL (PK) Chart |
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