von user mmafr aus W.O....
"Mit dem Jahreswechsel wurden demnach zusätzliche $5 Mrd für die neue WMI gutgeschrieben. Sowohl die Richterin als auch der Examiner sehen darin keinen direkten Bezug zu Equity. Das ist faktisch wohl auch korrekt. Der abgewiesene POR hat diese Möglichkeit ja auch außer Acht gelassen (hüstel, hüstel). Nun, bin ich aber der Meinung dass niemand (da schließe ich das EC und die Debtors mit ein), ein Interesse daran haben kann diese gigantische finanzielle Möglichkeit einfach verfallen zu lassen, zumal jetzt ein neuer POR aufgestellt werden muss ! Born2Live hat bei AB einen sehr interessanten Artikel veröffentlicht der auch anhand von Beispielen aufzeigt welche Möglichkeiten im Chapter 11 bestehen um eben solche NOLs zu verwerten. Das EC hat mit Solomon ein Spitzenkraft im Dienst der auf solche Umsetzungen spezialisiert ist. Ich bin schon mal sehr gespannt ob und wie der neue POR diese potentielle Geldquelle einsetzen wird !.."
NOLs Meinugen und Fakten :
Mary :
In addition further recoveries may be possible from the assets conveyed to the Liquidating Trust and from the Reorganized Debtor and the NOLs.
Finally, because the Debtors will not emerge from bankruptcy before December 31, 2010, the Debtors could potentially have the full use of their approximately $5 billion in NOLs See Chaim J. Fortgang & Thomas M. Mayer, Valuation in Bankruptcy, 32 UCLA L. Rev. 1061, 1129-30 (1985) (noting that NOLs often are a debtor’s largest asset).
Therefore, the Court cannot accept, as the Plan Supporters contend, that the rights offering is of no value. Mr. Thoma is correct. The Plan must be modified to allow all PIERS Claimants the opportunity to participate in the rights offering. See, e.g., Combustion Eng’g, 391 F.3d at 241, 248 (vacating confirmation order based on apparent disparate treatment of creditors within a class).
Had the Debtors emerged from bankruptcy before December 31, 2010, they would have been able to use only $100 million of their NOLs. The Debtors’ valuation expert acknowledged that based on the business plan and projections for the Reorganized Debtor which assumed emergence before December 31, 2010, his valuation did not consider the ability of the Debtors to use more than $100 million of their NOLs. (hüstel hüstel)
Ben Mason :
Last, there has been precious little information available to equity regarding the debtors' use of net operating losses (NOLs), with a Friday night filing related to more than 5 Billion in tax benefits to the reorganized debtors that will be available after the reorganized debtor has successfully cancelled equity. It is our information and belief that other tax assets will manifest if this goal is accomplished with court assistance. Additionally, most voting equity holders had already cast their vote before this filing was made publicly available. This recovery might have swayed many votes about the fairness of the plan, as there was no equity benefit to this asset and was not disclosed in the POR voting materials. Last, the NOL may be as high as 17B if all interested and qualifying "old and cold" parties have not been sufficiently plied with estate assets before confirmation.
The Debtors should be required to market minority ownership in Reorganized WMI to outside investors for the purpose of recapitalizing Reorganized WMI and extracting value from the NOL carry forwards for the benefit of the estate.
Examiner :
If the Effective Date occurs on or before December 31, 2010, then the Retained NOLs and the recognized Stock Loss will be severely limited in reducing post- Effective Date future taxable income of reorganized WMI. If, however, the Effective Date occurs early in the 2011 WMI calendar tax year and WMMRC is retained, the Examiner has concluded that a much greater portion of the Stock Loss-generated NOL (but not the Retained NOLs) would be preserved for future use in sheltering future taxable income of reorganized WMI . Nevertheless, whatever the preserved amount is after the Effective Date, such preserved losses can only create value for the post-Effective Date holders of the liquidating trust if, and to the extent that, future taxable income is generated by reorganized WMI. Any such value is currently speculative.
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