Syncora Holdings Ltd. (fka SYCRF)

[InvestorPM]

Just a historical note.

Not that it has anything to do with Syncora's NOLs but during the financial services crises the Internal Revenue Service changed the rules around NOL's and allowed banks that bought other banks to use the full amount of the acquired company's NOLs to offset the purchaser's income.

Wells took advantage of this when it bought Wachovia. Wells paid $15 billion for Wachovia and because of the change in the tax act Wells would be eligible to use $75 billion in Wachovia loan losses to offset Wells' income.

To bad the IRS will not allow that to apply to insurance companies.

Also I am not sure if this NOL treatment for banks buying banks is even still on the books or was it changed after the financial services crises ended