Maratanyo stated you keep equity intact to maintain NOLs but that does not necessarily mean recovery. If I'm the new chairman involved with the reorganization of Lehman's and my 50 plus billion NOLs are possibly my most valuble asset...I want to maximize those NOLs but I realize in order to do so that in any reorganization/merger, 51 percent of the new company has to be made up of old cold equity or old cold debt. There are way too many shares of the pre BK preferred and common stock (baggage) to bring along into a new company/merger suitor but how can I preserve them in a way I don't lose a massive amount of NOLS? Could I roll them into ONE BIG SHARE perhaps? Ok Done. That takes care of 1 percent of the new, NOL rich, reorganized company. What about the other 50 percent of old/cold equity and or debt? Geez...what to do here? So much debt traded hands after Lehman filed for bankruptcy there is a very small percentage of debt that could classify as old cold debt...no where near enough to make up 50 percent of the reorganized company. What about those capital trust shares? Yeah...that's the ticket! They classify as old/cold equity....and only 48 million shares total. SOMEONE CALL THE DTCC AND TELL THEM THEY MADE A MISTAKE! BUT BY ALL MEANS KEEP THESE VAGUE, TRADE 'EM ON THE GREYS!
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