OnMarch 5, 2009, MEC and certain of its subsidiaries filed voluntary petitionsfor bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code andobtained recognition of the Chapter 11 proceedings from the Ontario SuperiorCourt of Justice. The MEC Receivable is an unsecured obligation of MEC and wehave recorded a reserve for doubtful accounts against the entire amount ofthis receivable.During the first quarter of 2009, we entered into an agreement to purchaseapproximately 100 acres of real estate located in Austria from MEC for $6.0million ((euro)4.6 million). The transaction was reviewed by the CorporateGovernance and Compensation Committee and approved by the independent membersof Magna's Board of Directors following the unanimous recommendation of theCorporate Governance and Compensation Committee. We use wordssuch as "may", "would", "could", "will", "likely", "expect", "anticipate","believe", "intend", "plan", "forecast", "project", "estimate" and similarexpressions to identify forward-looking statements. Any such forward-lookingstatements are based on assumptions and analyses made by us in light of ourexperience and our perception of historical trends, current conditions andexpected future developments, as well as other factors we believe areappropriate in the circumstances.
Inevaluating forward-looking statements, readers should specifically considerthe various factors which could cause actual events or results to differmaterially from those indicated by such forward-looking statements. Unlessotherwise required by applicable securities laws, we do not intend, nor do weundertake any obligation, to update or revise any forward-looking statementsto reflect subsequent information, events, results or circumstances orotherwise.MAGNA INTERNATIONAL INC.CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME(Unaudited)(U.S. dollars in millions)Three months ended March 31, --------------------20092008-------------------------------------------------------------------------Retained earnings, beginning of period$3,357$3,526Net (loss) income (200)207Dividends on Class A Subordinate Voting and Class B Shares(21)(41)Repurchase of Class A Subordinate Voting Shares- (45)-------------------------------------------------------------------------Retained earnings, end of period$3,136$3,647-------------------------------------------------------------------------------------------------------------------------------------------------- See accompanying notesCONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(U.S. ATLANTA, GA, May 06 (MARKET WIRE) -- The new film "The Soloist," chronicles the friendship between a newspapercolumnist and Nathaniel Anthony Ayers, a gifted yet homeless streetmusician with schizophrenia.
Now, Ayers' family has established anonprofit foundation to help others like him.Ayers' sister, Jennifer Ayers-Moore, founded the Nathaniel Anthony AyersFoundation for the Artistically Gifted Mentally Ill last year to fulfilltheir mother's dream of having a group that reaches out to the mentallyill and their caregivers."When we were growing up there wasn't much information about mentalillness," said Ayers-Moore. "I remember my mom scrambling to get help, butthere wasn't a lot of support like there is now. Also, music has awonderful power to give a moment of peace, and those moments of peace canhelp soothe and reconnect families who have been disconnected by mentalillness."The foundation's goals include raising awareness of how artisticexpression contributes to the advancement of mental health wellness andtreatment. It will also collaborate with mental health and artsorganizations to identify and exhibit the work of the artisticallygifted. The foundation plans to begin artist in residence, education andadvocacy programs; it will also schedule lectures and workshops andestablish a Stop Stigma program to increase understanding of mentalillness.Through the support of partners such as The California Endowment and TheAnnenberg Foundation, the Ayers Foundation is a strong advocate forincreasing understanding of mental illness, and using the full power ofthe arts to positively impact the mentally challenged. It is gearing upto offer services in Atlanta, where it's based, as well as in Los Angelesand Cleveland. Law firm Morris, Manning & Martin is donating officespace, legal counsel and other services to the organization."Mental illness affects everyone," says Executive Director Ted Sapp.