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Wednesday, December 02, 2009 3:06:16 AM
The NOL in the previous 5 years belongs to the company (WMB) that generated the NOL, and the 5-year carry-back provision has nothing at all to do with who the NOL belongs to and has everything to do with how far back an NOL can be carried back . The recently passed legislation has absolutley nothing to do with ownershp or amounts of NOLs and has everything to do with what an entity can do with an NOL. Being eligible or ineligible for the 5-year carryback has nothing to do with ownership of an NOL.
Weil even argued themselves that the tax-sharing agreement is basically worthless, which it is.
Let's say Mickey Mouse paid the taxes on behalf of company A (and subsequently company A reimbursed Mickey Mouse for MM's payment of Company A's taxes), and let's also say that years following the payment of taxes (for which company A was legally responsible, regardless of whether Mickey Mouse or anyone else initially paid those taxes) company A generated a NOL in the amount of $15 billion. Regardless of who initially paid the taxes on behalf of company A, company A is the one who was responsible for paying the taxes, and company A is also the one who is legally entitled to the tax benefits related to the NOL generated by company A. If company A took tarp funds, that doesn't mean that company A loses their NOLs, it simply means that company A can only carry back their nOLs 2 years and can "save" the rest in order to carry the rest forward.
In the above scenario, do you think Mickey Mouse is entitled to the NOLs, or do you think Company A (aka the company that actually generated the losses) is entitled to them?
Now maybe JPM isn't entitled to all of WMB's NOLs, and maybe the FDIC isn't entitled to WMB's NOLs, but WMI is not WMB, nor do they own WMB (WMB is/was a separate business), and to suggest that WMI is entitled to WMB's NOLs or any other tax-related connections is simply wrong.
The stocks WMI had in WMB are worthless, and those ARE NOT NOLs and are capital losses, and capital losses are something entirely different that NOLs.
The ownership of "the deposits" is actually small potoatoes as it relates to the grand scheme of things, and even if the cash in the DDA were to be turned over to WMI tomorrow, it would not help the shareholders of WMI.
The only think that "its too late" for is the shareholders of WMI, and unfortunately there are many that are going to have to learn the hard way.
Got it dude?
Numbers don't lie, people do.
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