OfficeMax (OMX) says it will take a $671.1M non-cash gain to extinguish liability related to...

|About: OfficeMax Incorporated (OMX)|By:, SA News Editor

OfficeMax (OMX) says it will take a $671.1M non-cash gain to extinguish liability related to timber notes backed by Lehman Brothers emanating from a 2004 timberlands sales. In Q4, the company expects to make a cash payment of $15M - a total that reps its accelerated tax liability adjusted by alternative minimum tax credits.