Did you see my post from last night? I reposted it below. Tricadia et al worked with the 382 rules to retain a significant amount of NOLs without common equity.
This link will discuss, in detail, how NOLs were preserved while canceling common shares.
--My post previous to this stated that Six Flags retained $1.3 Billion of NOLs. --The link above discusses $2.1 Billion of NOLs and an ownership change.
Therefore...Tricadia et al figured out how to save 62% of Six Flags NOLs...with an ownership change.
Bill, I think if they get too much of the Debt, they don't have to negotiate with anyone.. More likely they'd wipe out MB. I prefer to think they have enough.
As to painting the bleak picture, I think they're trying to be as discreet and anonymous as possible. They didn't like it when the UCC blew the whistle on them.
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