Guys, I got unexpected pleasant surprise in form of reply from MM. Now it's up to every individual to look at it as positive or negative. One thing to keep in mind after you go through the post is - like I have mentioned earlier, in BK7 NOLs are lost. In BK11, NOLs are retained if shareholders are kept intact (shareholders and creditors have to control 50% of the company after emergence from BK11. It is my belief that shareholders may be diluted but cannot be eliminated).
Response to my first mail:
1. When should we expect to see audited financials from Plante & Moran.
We are targeting a June 30, 2010 10-K filing
2.
Corus Bankshares has been denying that a default event has occurred due to FDIC takeover of Corus bank. At the same time a negative shareholder equity has been projected in SEC filings. What future course of action should shareholders expect from Corus Management and what is the expected time-frame.
Please see the current Form 8-K emailed earlier to you.
3. Does Corus bankshares intend to preserve the future NOLs projected at $500M.
Yes
4. Just before FDIC takeover, two properties were sold to Melohn Properties and Hyperion Onyx Partners LLC respectively. Did these sales proceeds go to Corus bankshares or FDIC.
The FDIC as receiver for Corus Bank, N.A.
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Then, I replied back asking - In the SEC filings you have stated that Corus is working diligently with financial advisers/professionals to work out future options for the company. Is a merger/ acquisition outside bankruptcy one of the options that is being looked at.
The Response:
We're exploring all options- inside and outside bankruptcy.
AI
