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No posts in over a year, anyone one still checking in? No word on any changes, interested in hearing other views or info.
Anyone still checking in here? Is there new info or still old and cold?
Nothing posted in 7 months, quite a while. Decided I would break the silence. Still holding, what else can I do. Still surprised they could reorganize without the old (now cold) shareholders. They had over 30 million in cash, could have paid us all off. Anything new out there?
Corus reorganized without the old common share holders. We need someone who wants go buy a shell. Corus was still profitable at the time of reorganization but the monies never trickled down.
Very interesting, but I don't understand it. Would love to be a part of that redemption.
Soooooo.......does this do anything for us? Not seeing a connection other than litigation stills abounds from 2005-2007 actions and is slowly being resolved. I get that it means that the fat lady is still warming up but has not sung yet, just want to know if there is something else I am missing.
No, I think the FDIC has done their damage. We need the new Corus to use the old as an easy vehicle to going public or have the old company taken over.
Couldn't stand it. 104 still following. Looking back at some very early posts. If you got in/got out you could have done well. I got in late, stayed in. Still here, still holding. No Hang Ten, Billiam, Mikey.......all gone. I hope everyone is having a good summer.
Hello to all. Nothing to add, just couldn't stand the silence.
Any money hungry lawyers out there want to give this a shot?
Perhaps we can sue him? His fraudulent actions contributed to the insolvency of the company. This resulted in the stock price going to zero. Anyone who purchased stock prior to bankruptcy would be eligible to be part of the suit.
I could not get traderlink.it to come up. Hell, I'll take 5.70 a share.
David,
I believe they are referring to the intercreditor agreement. I just looked up the definition, it is something that needs to happen before we can get to the end but the way this reads, it is common and will not directly affect us. Like I said, though, it does need to occur and is part of a standard process. This is taken from uslegal.com.
An intercreditor agreement is an agreement among creditors that sets forth the various lien positions and the rights and liabilities of each creditor and its impact on the other creditors. Intercreditor agreements are often used financing companies and lenders to determine relative rights of multiple creditirs and establish priorities in payments and other issues. It is common for the intercreditor agreement to include buy-out rights that give the second lien lender the option to acquire, at par, the first lien lender’s claims and liens. That purchase option is typically triggered by specified events, such as the filing of a bankruptcy case by or against the borrower.
Corevest on Google. It brought up a LinkedIn for Cassandra Miles.
On her page it states:
Accounting Manager
CoreVest Financial Corporation
February 2014 – Present (9 months)
?
Summary
Treasurer of Corus Financial Corporation, the reorganized bank holding company of the former $9 billion Corus Bank of Chicago.
Financial reporting, excel modeling, tax registration and filing, accounts payable, bookkeeping, budgeting, clear and concise written/verbal communication skills, high energy, and positive outlook.
Anybody want to make a "friend" of Cassandra?
David,
About 100 still following but only 4-5 still occasionally post. Hope, yes there is always hope. Is it likely, no. My gut tells me there is still some wrangling behind the scenes for the NOLS. If they can figure out a way to keep the IRS out of it, there could be some money. If I recall correctly (and I may not at this point), the final settlement included the IRS getting 90% of the income generated. The question in my mind was/is are the NOLS considered income?
Merry Christmas to the Board. There are still over 100 followers, heck who knows what 2015 will bring.
Rand Paul and the Costanzas (Seinfeld) celebrate Festivus. I prefer to celebrate the birth of Christ the King.
Look back on 2014 knowing that you are able to walk into 2015 and face the challenges ahead.
My best to you and yours.
Probably right, but on the bright side the money is already invested. It doesn't cost you any more to wait.
I just typed in Corevest on Google. It brought up a LinkedIn for Cassandra Miles.
On her page it states:
Accounting Manager
CoreVest Financial Corporation
February 2014 – Present (9 months)
?
Summary
Treasurer of Corus Financial Corporation, the reorganized bank holding company of the former $9 billion Corus Bank of Chicago.
Financial reporting, excel modeling, tax registration and filing, accounts payable, bookkeeping, budgeting, clear and concise written/verbal communication skills, high energy, and positive outlook.
Anybody want to make a "friend" of Cassandra?
Sorry, couldn't stand the silence!!!! I have nothing fun to share but don't hold back if you do.
I don't know what that means either, but it has never stopped me from commenting. The question I raise is, was the equity received from the old Corus or the new. If old then something is afoot. If equity was received from the new Corus then that does not bode well.
My crazy plays do not work out but I hold them anyway. I got in on the ground floor of a bank in 2007. First year it exceeded everyone's wildest dreams. The next two years the real estate bust nearly did it in but there was enough equity at that time to survive. Then the government changed the equity rules after that and seized the bank. They had a "buyer" lined up already, they didn't even close for 24 hours. (it is fishy) So what did I do, I turned around and bought CORS stock. You only invest what you can afford to lose. No more crazy plays for me, now with four kids and one in college. Though I don't expect it to happen, I am one of the Koolaide drinkers. There is still that chance and I will keep visiting until the fat lady sings.
I don't hold a lot of hope, but I'm still hanging in there. There are still over 100 followers. I do wonder what happened to some of the originals like Billiam, Itsmikey, Hangten, etc.
I disagree with the :( This is a good thing, nothing was possible with the BR still out there. Now both major issues are resolved, the IRS and the Bankruptcy. Both had to end before anyone willing would/could move forward. Will anything happen now, no telling. At least now there is an opportunity.
Well that all depends. It's a shell with a stock market ticker. It could be bought and our shares capitalized. You have the "possibility" of NOLS out there. The deal with the IRS states that they receive over 90% of all tax refunds that were due CORS. In my understanding NOLS are not actually a tax refund but they are tax relief. Is that the same thing? CORS does have value, they have income and several 10's of millions in the bank. Who knows..........could be nothing or something very exciting. Give it 6-8 months, we will have a better idea at that time. I have waited 3-1/2 years, what's another couple of months.
It is a done deal. If no objections filed by 4 PM next Wednesday the judge will sign final decree without a hearing. Anyone have any ideas? The deal with the IRS is that they get 92% of all tax refunds and Corus gets to keep 8%. I don't know if NOLS qualify as a tax refund. If they do then all hope rests in a merger and our worthless shares get value in a new company.
thoughts.....
Eric Morath responded, he stated that he stopped covering Corus a few years back therefore he had no "new" information on them. He stated that he did not anticipate recovery to the shareholder level but can not rule anything out. I thought is was very kind of a WSJ reporter to respond so quickly to a stranger. Basically, back to where we started. To me, it still comes down to whether there are still debt obligations to the creditors and what the structure is. There are still assets and income being generated, we know that from the quarterly filings. Any ideas of who to email? VC..you still out there? Hail Victory!
I just emailed Eric Morath, who wrote this article and several others regarding Corus during the downfall. I asked for some general opinions. We'll see if he responds.
Some assets still owned. Income is still generated. IRS case resolved, no windfall but still money to the bottom line. Company has reorganized. Is it still considered in bankruptcy? It isstill a company, can there now be value at some point simply through business generated income or is the debt still far too great? Did the remaining debt disappear with the reorganization and settlement with IRS? Answers anyone?
Here is a link to an article about the settlement.
http://www.law360.com/articles/492029/corus-to-pay-246m-to-settle-fdic-tax-dispute
Not only is it a 8/92 split over this tax refund issue but it also covers all future tax recoveries. Is a NOL a tax recovery? In one sense it is but in another it is a tax credit with no value unless there is profit to offset.
Obviously, not sure how the IRS views. We are bottom of the food chain, the 19 million from the FDIC settlement won't trickle to us. We must have the NOLs to survive.
Old CORS gets the money or at least a percentage. Does anyone have an idea of how much that is? Will it be enough to trickle down to us? I think I bought in 4 years ago....it's been a long time and a lot of names come to mind that no longer post (they may still peek in) Hang Ten, Bill, Mikie...just a name a couple
The case has been settled, with the objectors likely to lose. Do we know who got the money or the percentage breakdown? The FDIC would not walk away empty handed. The last three years has trudged along, did the CORS get the NOLS or is the new Corus still trying to rest control of whatever money was remaining. Old and Cold comes alive if millions are at stake.
If someone could explain. What is the "redaction"?
Founder, go back and read post 15052. This post is an artcle from 07/2011 and gives a better overview than I could. There is a five year look back or carry forward for NOLs (Net Operating Loss), I believe that is what you are referring to. I believe that the article is referring to the NOLs and there continues to be a fight over who gets them. The case contiues in court, we need the judge to go ahead and schedule the trial date instead of allowing each side to push it back. Until the tax issue is resolved the case will continue to help only the lawyers.
Founder, good to see you again. Some of the old crew from 3 years back show up from time to time. Still a considerable numbers of followers as well. Several court dates coming and going through the summer, we are still awaiting a hearing/decision on the IRS tax issue to be resolved. That will be the make or break moment. If Corus wins, it will then be very interesting.
You can buy 200 shares with 2 cents....spend wisely!
Franks, just saw this from mid december. OK, I am now confused. We own delisted CORS. According to this, post-bankruptcy Cor. Financial has merged with CORS. Would this not give us some assets in Cor. Financial?
Pardon my ignorance, but how could they merge and not take us with them? Does this now give them access to the NOLS? OR........were we carried along in the merger but there is no value at this point because they have not gone public?
Are you posting from another country Rudderman?
So Septmeber 16, 2013 is really the big court date. There are 265 MM in tax revenue. How much is owed to creditors? I no longer remember. Of course the question is, Corus wins the tax revenue and pays off it's creditors. Assuming that there is monies remaining, must that then come to the common shareholders?
Glad to see there are still 118 followers. Thanx VC for keeping the fires buring and to flames99 for the continued court docs.
It's going to be a great year. Despite the politicians, who can ruin a wet dream, we still live in the greatest country in the present day.
I am a small stakeholder (5K @ 0.33). Interested in everyone's thoughts. Will the Liberty takeover be a good thing? My assumption is yes........
NOLS and merger...........the dream lives on!!!! The NOLS dispute with the government is the last gasp. If they win that, it stays with the old company (I am guessing). Someone will want to use them and have to be big enough to use. Therefore, CORSQ gets bought along with assets and shareholders.
OK, now everyone can beat the hell out of me for being optimistic!