The attorneys general of Illinois, California and the District of Columbia filed a new request in federal court to immediately stop grocery chain Albertsons from paying out a $4 billion special dividend to its shareholders.
Some of the argument rests on pointing out that Albertsons only had $1.6 billion in "cash flows" or "net income," using the terms interchangeably, according to the court filing.Net income and cash flow are quite different things in the world of finance, with EBITDA or free cash flow often determining a company's ability to service and pay down debt, not net income.
The AGs did not respond to a request for comment on why they used particular financial language or metrics in filing the motion.D.C. attorney general Karl Racine claims that the dividend "would effectively wipe-out Albertsons cash assets and alter its ability to conduct business-as-usual before a traditional review of the merger is complete."
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