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Sunday, April 18, 2010 2:27:00 PM
The 14.7 % is only an estimate and is not written in stone and that is explained as such in the disclosure statement and it is based on the assets they have in hand right now.
The disclosure statement also outlines other ways LBHI may recover additional monies to pay the creditors.
If the 17.4 % recovery for the Senior Notes was final then the senior bonds would have dropped in price from 22 - 23 % of face value where they are trading at.
LBHI didn't even factor in the $ 10 billion of NOLs because they do not want to use them for a 5-year carry back tax return to pay to creditors if they don't have to.
They would rather use them to offset future capital gains however they cannot do that unless the creditors have been paid in full.
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