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Sunday, April 04, 2021 5:10:57 PM
Section 382 of The Code - 3 Year Testing Period Ends 7/31/2021
1) NSM Acquisition Announced on 2/12/2018-WMIH Closed Merger 7/31/2018
2) Only one Ownership Change allowed every ROLLING 3 years or NOLs Jeopardized
3) 8K Filed Last Business Day of 2019 for KKR preferred shares to be converted to COOP shares however to this day shares have been on Administrative Hold pending release to investors for time to pass
4) Shares to Old & Cold investors who signed timely releases by 3/2012 to ensure greater than 50% ownership on Administrative Hold pending release to investors until time passes so no more than one Ownership Change in a rolling three years
5) Executives of COOP sold many shares during mid-March 2021 including Sr VP Ebbers 84K shares, so no way will COOP have a Material Development due to potential Insider Trading issues for 60 to 90 days
6) To me, the aforementioned is proof shares to Old & Cold investors will not be issued shares and KKR will NOT be issued their converted preferred shares to COOP common shares before August 01, 2021
https://www.law.cornell.edu/uscode/text/26/382
(1)3-year testing period
Except as otherwise provided in this section, the testing period is the 3-year period ending on the day of any owner shift involving a 5-percent shareholder or equity structure shift.
(2)Shorter period where there has been recent ownership change
If there has been an ownership change under this section, the testing period for determining whether a 2nd ownership change has occurred shall not begin before the 1st day following the change date for such earlier ownership change.
(3)Shorter period where all losses arise after 3-year period begins
The testing period shall not begin before the earlier of the 1st day of the 1st taxable year from which there is a carryforward of a loss or of an excess credit to the 1st post-change year or the taxable year in which the transaction being tested occurs. Except as provided in regulations, this paragraph shall not apply to any loss corporation which has a net unrealized built-in loss (determined after application of subsection (h)(3)(B)).
(j)Change date
For purposes of this section, the change date is—
(1)in the case where the last component of an ownership change is an owner shift involving a 5-percent shareholder, the date on which such shift occurs, and
(2)in the case where the last component of an ownership change is an equity structure shift, the date of the reorganization.
Recent COOP News
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