JohnnyWinter, What in your opinion is CORS future. What do you think about the facts like:
1. there is no BK 8 month into FDIC seizure of the bank (the only business that Corus Bankshares has).
2. Company CFO has denied a default event on receiving letters of default from debt trustees. The latest denial came in earlier during the week.
3. CORS did actually sell loans on two properties Onyx on the bay (to Hyperion for $22 - 25M) and Carribean Miami Beach (to Melohn Properties for $50 - 55M). Thee sales were just before FDIC seizure. No one know where this $75M is.
4. Who holds majority stock as of today. What do you make of the controlled trading action since months.
5. $261M tax refunds and $500M in future NOLs are HUGE. If FDIC has to be paid some from it, shouldn't be much of a dampener.
6. Till 2030's (2033 to 2037), all that CORS owes is the interest on $400M debt.
7. We have discovered that potential impact of CORS default on the Creditors would be much more amplified. All this CORS debt, along with many other debtors in real estate industry originated from CDOs (Collaterized debt obligations) and amplification of gains or losses is just the nature of the beast, due to leverages involved.
I feel $10-12 per share would be bit of a stretch but we should see much higher than current PPS. When? only Michael Minnaugh knows - but would have be soon imo.
AI
