Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Adam Camora - EnTrust Capital.
Adam Camora – EnTrust Capital
A couple of quick questions, the first is on the balance sheet what it looks like post the Value City transaction. I’m trying to understand just looking at these discontinued liabilities and that sort of thing. So, to get started, on the cash side it looks like there is $100 million on the balance sheet at RVI corporate. If I take out the $130 or so at DSW it seems like RVI corporate ex DSW had something like $40 to $50 million in cash.
James A. McGrady
That’s right. Actually, at this point in time I think it’s about $44 million.
Adam Camora – EnTrust Capital
Now, if I look at the liabilities at RVI now that Value City has gone away it looks like on the balance sheet here there’s approximately $150 million or so of debt and I assume the PIES are – okay it looks like there is $158 million of debt, is that all the debt that’s left at RVI corporate and included in that is something like $135 million of PIES?
James A. McGrady
Actually the PIES amount is $143,000,750 and the balance of the debt that is out there is related to the revolving credit facility of Filene’s Basement plus a very, very, very small piece of debt that is related to the term loan facility, it’s about $250,000.
Adam Camora – EnTrust Capital
So, all of the other debt is basically gone so the next time we see a balance sheet which will have the Value City affected transaction in it, we should see something like $40 million in the cash and $15 to $20 million of debt ex the PIES which I guess given the current stock price of DSW can be satisfied with the 5.5 million shares at your discretion.
James A. McGrady
Well, on the [FIs] you mean, yes. Yes. It is at our discretion and it is about 5.5 million shares. That actually doesn’t come due until 2011, July or August of 2011.
Operator
Your next question is from Sam Kidston - North & Webster.
Samuel A. Kidston – North & Webster, LLC
What were the cash taxes for the year?
James A. McGrady
Cash taxes paid.
Samuel A. Kidston – North & Webster, LLC
Yes.
James A. McGrady
I’m going to have to look that one up here really quick.
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