Replies to post #2100 on Golden Mountain Financial Holdings Corp. (fka FNBC

[oich]

The plan states, “Except as otherwise provided in the Plan, on and after the Effective Date, assets and property of the Debtor and its Estate, including any Tax Assets and any other assets of the Debtor but excluding the Litigation and Distribution Trust Assets, will re-vest in the Reorganized Debtor free and clear of all Claims, Liens, charges and other encumbrances.”

It goes on to mention the “estimated” 365M NOLs and the “approximate” 147m in tax credits as part of the Tax Assets.

[oich]

I agree with your synopsis. I read that the FDIC keeps the refund, and see below for add’l language re Tax Assets.


“Of the Tax Assets, the Debtor estimates that, as of the Effective Date, its net operating losses will total $365 million in net operating losses. The Debtor would be entitled under the Plan to use its existing net operating loss carryforwards in future years to eliminate taxes on a corresponding amount of its income, subject to any applicable limitations resulting from change in ownership and/or other limitations imposed under applicable tax laws. The present value of the tax savings that could be generated by the existing net operating loss carryforwards cannot be determined with any certainty, as use of the carryforwards may be subject to the limitations described above and is dependent on the Reorganized Debtor having sufficient future income.

In addition, the Debtor has tax credits approximating $147 million in the aggregate through 2017, which amount may increase through the filing of subsequent or amended tax returns. The Debtor is not aware of any additional Tax Assets. Under the Plan, the Reorganized Debtor will retain any available tax credits to the extent allowed by applicable tax law or as otherwise set forth herein.”