thanks back, I know what you mean about hurry up and wait stocks..
here's a section of the 3/16 8K that mentions fdic:
The Company has a $258 million taxes receivable on its balance sheet as of December 31, 2009. This amount represents tax refunds due from the IRS of $109 million for 2008 and $149 million for 2009. These refunds relate to the carryback of NOL’s to 2004 through 2007. On February 2, 2010, the Company filed amended returns for years 2006 and 2007 requesting the $109 million tax refund for 2008. Because the Company’s consolidated tax loss in 2008 was generated principally by the Bank, the Company believes the Bank has a claim against the Company for the 2008 refund. Accordingly, the Company has recorded a payable to the FDIC, in its capacity as receiver of the Bank, for the 2008 refund, in the amount of $109 million. The Company will contest any claim by the FDIC for the 2008 refund because it believes that the tax refund will be generally subject to the claims of all of the Company’s creditors, including the FDIC and is payable first to the Company, as the consolidated filer.
When the Company files its 2009 tax return, it anticipates requesting an aggregate tax refund of approximately $149 million. Because the Company generated significant losses in 2009, the Company will contest any claim by the FDIC with respect to the 2009 refund, even though the Bank also generated significant losses in 2009. Where both the Company and the Bank have independent losses supporting independent claims for the entire refund, Treasury Regulations provide that the utilization of those losses should be apportioned based on each entity’s respective loss. The Company expects the FDIC, in its capacity as receiver for the Bank, to assert a claim for some or all of the 2009 refund. Such a claim could include an action by the FDIC to seek to have the IRS pay the refund directly to the FDIC. The Company believes that the tax refund should be generally subject to the claims of all of the Company’s creditors, including the FDIC. The Company has not recorded a payable to the FDIC for any of the 2009 refund because of the independent loss by the Company giving rise to an independent claim for the entire 2009 refund. At this point in time, it cannot be reasonably determined how this matter will ultimately be resolved.
you did say "..a few other bk companies.." herein lies the difference --CORS is not bankrupt, in fact the CFO vehemently denies it in February 8K's. that is one reason why CORS is attractive and signals a background move that might benefit us.
as to the big WHEN, wish I knew, since I have a funds parked here waiting:)
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