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0.081081081081081 0.081081081081081 0.081081081081081 0.081081081081081 0.081081081081081 0.081081081081081 0.00540540540540541 -0.0593513513513513
Stock impact report

Stanley Furniture Announces Agreement to Sell Substantially All of Its Assets

HG HOLDINGS INC (STLY) 
Company Research Source: GlobeNewswire
HIGH POINT, N.C., Nov. 20, 2017 (GLOBE NEWSWIRE) -- Stanley Furniture Company, Inc. (Nasdaq:STLY) announced today that it has entered into an agreement to sell substantially all of its assets to Churchill Downs LLC (“Buyer”) for $11.5 million in cash, a $4.6 million subordinated secured promissory note of Buyer, a 5% equity interest in Buyer’s post-closing parent company and the assumption of substantially all the Company’s liabilities.  The Company will retain certain assets, including cash in an amount up to $1.5 million, net operating loss carryforwards and any remaining payments under the Continued Dumping and Subsidy Offset Act. Buyer is a Delaware limited liability company formed by Walter Blocker, Chairman of Vietnam Trade Alliance in Ho Chi Minh City, to acquire the Stanley assets. The closing of the asset sale, which is subject to approval by the Company’s stockholders, Buyer obtaining financing pursuant to existing financing proposals from North Mill Capital LLC and Endur Show less Read more
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