Hi Ralph, yes I believe there is. just looking at the the NOL refresher in the stickies one sees that:
"corporation is considered to undergo “an ownership change” if, as a result of changes in the stock ownership by “5-percent shareholders” or as a result of certain reorganizations, the percentage of the corporation’s stock owned by those 5-percent shareholders increases by more than 50 percentage points over the lowest percentage of stock owned by those shareholders at any time during the prior three-year testing period."
so the way i read it and we've already speculated that the 'the plan' started when minnaugh came in as cfo, some 5% shareholders realized that they might be able to make use of the nols. at the time they knew that the fdic would take the bank and not CBI, which could live on in another form. Thus those 5% holders can't increase their ownership by more than 50%. In fact thinking about one of the early bk dockets there is a list of shareholders there that probably doesn't include any of our boardreaders, except maybe Mikie:)
Even in bk and in this paragraph is a section that possibly refers to our situation. reading this piece may shed some light on some of B2's and pathan's recent posts:
"If a 50% ownership change is expected to result during the bankruptcy proceeding because of the transfer of stock to the former creditors, an exception under Code Section 382(l)(5) may offer some protection. Section 382(l)(5) provides that the Section 382 Limitation will not apply to a corporation if (1) the corporation, immediately before the ownership change, is under the jurisdiction of a court in a Title 11 or similar case, and (2) the shareholders and creditors of the old corporation own at least 50% of the total voting power and value of the stock of the corporation after the ownership change as a result of being shareholders and creditors before the change."
Hope this helps.
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