JohnnyWinter,
If CORS were to liquidate, Creditors get 50c on the dollar.
1. If CORS survives/merges, Creditors get their money back + there is at least $40M shareholder equity. That is due to $648M (and increasing) NOLs reported by CORS CEO in BK filing. At 40% tax rate, that is a future tax refund of $259M that can be claimed over next 20 years.
Look up the BK filing: 314M Assets 533M Liability 648M NOLs
2. Additionally, the (mutually exclusive from 1. above) theory is that given the low volumes we have seen since FDIC seizure and even lower volume after BK declaration, a major chunk of the CORS float is held by a group of investors.
What is wrong with the above theories. Are you always 200% sure beforehand - every time you put your money in an equity? Isn't it mostly about risk-reward ? Don't you see the difference between CORS (atleast till now) and the Bank United's, Guaranty Financial's, Colonial Bankshares etc ?
I don't think it is going to $15 but it would be a multi-bagger if what this board thinks is even close to reality.
