loginusername----I am sure Ralph will be giving his opinion in a few minutes, but I will attempt an answer in the mean time.
The $250mm tax refund, contested by the FDIC, will not in itself put commons in the money---assets would still be less than liabilities even if we received the entire amount. See Billiam's analysis of value--top of page.
You are spot on concerning the NOLz---they are the key to this entire play and in order for the value of those NOLz to be maintained, based on Rule 382, our sponsor will need to preserve equity. If you go to our calendar, which is in my signature section, I have a link to a great explanation of Rule 382.
Friday probably isn't the day a sponsor will become known. But we could learn about the resolution to the tax issue with the FDIC, and it isn't impossible that our guys in the courtroom may discover some hint of whom the sponsor is. The sponsor may be waiting for the tax issue to resolve before stepping into the light of day. But the clock is ticking and we will know him soon.
I will leave the Fremont example to Billiam, TEN, pathan or others to draw analogies. GLTY JMHO
