CommunityOne Bancorp fka COB

[56Chevy]

As part of this transaction, The Carlyle Group and Oak Hill Capital Partners, two private equity firms with a history of successful investing in the financial services sector, have each entered into definitive agreements with FNB United to invest $77.5 million in the common stock of FNB United subject to the conditions set forth in the agreements as part of a $310 million private placement of FNB United's common stock. The Carlyle Group and Oak Hill Capital Partners will each receive approximately 484 million shares of common stock at the closing not to exceed 24.9 percent of the then-outstanding shares of common stock, valued at $0.16 a share.

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Carlyle & Oak Hill will have a combined ownrship of 49.8%. Why just 49.8%? IRS Section 382 (Change of control) requires a new owner to own less than 50% of the stock to take advantage of the NOL's.

http://www.taxalmanac.org/index.php/Sec._382._Limitation_on_net_operating_loss_carryforwards_and_certain_built-in_losses_following_ownership_change

This merger is good news but with 49.8% of the stock selling for .16...that tells us what the value is. Add a slight premium of .02 ~ .04 and that's what it's real value is the day of completion. .18 ~ .20.