By buying debt 50% or greater they have excluded the creditors from qualifying for NOLS. Creditors cannot have an ownership change 2 years prior according to rule 382. Tricadia must now trade the debt from (Mr. Big) and obtain at least a 51% ownership to have control of New Corus Bank. They must also distribute the shares among their shareholders to keep anyone from obtaining a 5% ownership class. If they do that then NOLS are preserved according to the exception clause of IRS rule 382. Only equity can qualify now.
If they haven't purchased at least 50 % of the credit then they cannot control the POL. If they are only buying debt on a margin, it must be very thin and hardly seems worth it. Today we had the luck of the Irish! :-)
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