Replies to post #3135 on Corus Bankshares Inc. (fka CORSQ)

[pathan786]

NOLS

Per the earlier 8-Ks MM stated, there is a tax refund of $109M for 2008 + $149M for 2009 + a NOL carryover of $500M.

See below:
"At December 31, 2009, the Company will have an NOL carryforward of approximately $500 million after carrying back the loss for five years."

Now from today's filing:

"As described above, the results for the year ending December 31, 2009 will segregate Corus Bank as discontinued operations due to being placed into receivership and include their results only through September 11, 2009. The loss before income taxes for Corus Bank for the period ending September 11, 2009 will be approximately $817 million as compared to a $573 million loss for the period ending December 31, 2008. Additionally, during the fourth quarter of 2009, the Company recorded an expected income tax benefit of approximately $104.0 million relating to the carryback of net operating losses (“NOL’s”) to 2004 and 2005. NOL carryback legislation was approved in November 2009 allowing taxpayers to carry back losses for five years instead of two years "

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So $500M carryover NOL in last 8-K, $817M in today's filing - What am I missing here ? Are there two seperate NOLs - $500M for Corus Bankshares and $817M for Corus Bank OR they are the same NOL just represented differently - once after tax ($500M) and once before tax ($817M)