Corus Bankshares Inc. (fka CORSQ)

[pathan786]

Looking closely at 8-K

(NOLs for 2006-07)
Tax refund claim for '08 and first nine months of '09 = $154M total broken into $109M for 2008 + $46M for first nine months of 2009

(NOLs for 2004-05)
Not mentioned in the financial statement is the $106M tax refund for 2009 4th quarter due to '04-05 NOLs ("The Company expects to accrue additional amounts due from the IRS of approximately $106 million in the fourth quarter of 2009 relating to the carryback of NOL’s to 2004 and 2005").

So total tax-refund for '09 = $46M + 106M = $152M

Total '08 + '09 tax refund = $154M + $152M = $306M
Add $59M cash and other assets and total assets = $365M


(NOLs for 2009) = 2010 Tax Refund is Not Mentioned
No mention of the 2010 tax refund on the 2009 NOLs (I am not clear if MM can claim refunds on only $25M continued operations loss or can include $588M loss on "discontinued" (Corus bank) operations)

So total Assets = $365M + tax refund for 2009 NOLs

How much of the tax refunds can FDIC legally claim is unclear. At one place, MM has already put '08 tax refund as "payable to FDIC" but at the same time mentions "The Company will contest any claim by the FDIC for the 2008 refund because it believes that the tax refund will be generally subject to the claims of all of the Company’s creditors, including the FDIC and is payable first to the Company, as the consolidated filer" - w/e that means.

One critical question unanswered is why no BK has been declared thus far.