Ok, joe.
As we've said a hundred thousand times on this Board, the Courts needed the CTs to trade for the NOLs.
So, liquidate LBHI and maintain the tax withholding account as a credit.
All remaining interests in profitable subs have to be taken "in-House" if they aren't going to purchase the CTs and OBS; it's like they'll buy the remaining LBHI carcass without the liabilities and leave the taxes Stateside.
They weren't involved with all the political garbage of Aurora and the subprime mess so why should the debtholders underwriting that business be bailed out?
LBHI was restricted from doing their job of foreclosing on real estate assets for their Creditors.
Why should their politicians changing CT covenants and prospectus agreements be paid any tax revenues? They screwed up! They want to go in another direction now. They want to change the rules. So, pay it forward.
So, the US Government provides the subs the incentives to liquidate the LBHI Holding and any jobs and future tax revenues stay overseas.
When done, distribute the proceeds from the account to the CTs first and then the rest of the OBS. Then, charity if anything.
BNYM will distribute as they receive any proceeds and all other proceeds go to Debtors in the wind down.
What happens to everything else will be of no concern to any CT or preferred shareholder. Same with the debtholders past a certain point.
It's not hard to liquidate the Company after all employees were let go and the attorneys operated a fire sale.
I've read the entire Court record a number of times.
The Judge is doing the best she can and, until there is another party that will step up to take it in another direction, this seems to be how they want to resolve it.
So, do it!
They don't need more help. They don't need more time.
It should have been done years ago.
mojo
