On a cash basis, LBHI doesn't look so good.
If you look at $25B in assets, $55B in NOLs, LBT 'Clawbacks' (if applicable) & ongoing income, we have a few years at least.
$109B at 6.25% shows $6.8B DSC to cover each year with re-instatement expenses for some issues.
So, if we are out of BK, a new Holding Company is operating their business charter to pay back their creditors 100% with securities trading on the market including a new issue to capitalize, a new debt facility and NOLs.
It looks like it is wound tight but worth a try for at least a few years.
Why wouldn't it be with potentially 25,000 jobs at stake and 100% creditor repayment plus more opportunity in what was one of the best IBs on Wall Street?
mojo
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