Night -- This thing, is obviously quite complex. One of the things that seem clear to me is that "NewCo" is going to need cash to move forward and merge, etc.
So I'm suspecting that we're not likely to see any massive distributions of cash directly. Every dollar that gets paid out, is a dollar that cannot be used to more 'faster' exploit the NOLs through merger.
It's going to be an interesting 'dance' to see how they pull it all together -- cash, NewCo, and as I suspect, some form of conversion of securities into 'debt' or other instruments in the NewCo.
Remember, in prior votes, etc -- various SNHs were willing to forego cash to get their hands on 'shares' of NewCo -- obviously they saw that the shares of NewCo being worth more than cold-hard-cash 'today'.
I'm still seeing the GSA as being "dance with the girl you bring to the prom" -- as much as we'd like to see JPM/FDIC toss in tax refunds, for the moment -- and again, at the moment -- that unholy GSA is the one we're stuck with.
What might change that is highly speculative, and all of the speculations I've seen so far don't carry water to me. JPM/FDIC and those taxes weren't part of the prior, failed, PORv7 -- so I don't see how they would be resurrected here either, given the parties in mediation.
...Catz
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