Lehman Brothers Financial SA (LEHNQ)

[etzetrade]

I used up my quota yesterday, and sorry not reply you in time.

I only have general knowledge of NOLs and tax refund. In Wamu's case. the total tax refund is $5B+, which is in the escort account, will be distributed based on POR's approval. Wamu only gets $2.8B, and the balance is shared between JPM and FDIC.

According to Fesson on Wamuq board, the New law recognizes 26B of NOLs for wamu due to the abandon of stocks for the value of WMB. According to the hearing on 13th, EC experts said "the NOLs are now 23B".


By the way, the above numbers may not be 100% correct, and please forgive me if any number is off a little bit.

Also, someone said that the eligible NOLs will minus tax refund. That probably is the reason that WAMU's NOL is 23B (26B - 3B).

So, I think both wamu and lebhi went BK on 2008. They should have the same outcomes as to IRS's rules. Since the tax refund is the hard money, it should be much more important to reduce the total debts. Also, passing 2010, wamu's nol is increased from 2B to 26B according to the hearing. That is also the reason that shareholders of wamu believe that they are in money.

Of course, the refund still does not cover all 60B deficits between A and L. But, it could help us in Lamco in terms of owenership, estimated from 9-23% currently.

Because I never heard any discussion re tax refund here, I think the article you found is exactly the one. But why we did not hear from debtors regarding this matter, or included it into current "cash" assets.

Moreover, does our current NOLs reflect any "New" law as mentioned by Fesson? 5B increase on top of 48B seems too low. In any rate, the more the better.

Appreciate your comments and your expertise. Always enjoy reading your posts.