Corus Bankshares Inc. (fka CORSQ)

[Billiam_2]

Pathan: according to rule 382 IRS code an Ownership Change is defined as follows.

Occurs if, during a three-year period, the ownership of stock of the corporation by "5% holders" increases by more than 50%.

So, what does that mean for us? First, the O/S count is 55MM, tradeable float is 47MM, meaning their is 8MM shares in the vault of Corus Bankshares. The Glickmans (three of them) had 40MM shares among themselves. So they were all 5% holders. They have been replaced by Mr. Big. So, we went from three 5% holders to one 5% holder. A 5% holder is someone who owns at least 5% of the O/S share count. So, 3 to 1 is not an increase at all, rather a decrease. If rule 382 were affecting us, why has MM not factored that into the NOLS he is projecting for Corus Bankshares? I will admit it is confusing. Check out the link below and give me your intrepretation. TIA. Note it is the 2nd one down on the google list.

http://www.google.com/search?sourceid=navclient&aq=0h&oq=&ie=UTF-8&rlz=1T4DKUS_enUS297US297&q=section+382+ownership+change