The POR says. There is about 48B in 2008 and 5B in 2009 of NOL.
Anyone can imagine the NOL During the height of trouble in 2007, 2006 and 2005?
Just think that LBHI was a 630B+ holding company that went into Bankruptcy.
People may get a big surprise.
After the approximate total distributions of about 63.9B, the Balance sheet for March and June indicates a remaining asset of about 40B . (This is based on all of the subject to compromise 300B is discharged).
If the 40B is added to the distributed 63.9B, the Total asset is approximately = 104B
Since the declared cash flow is 80.6B, The difference will be 23.4B
Therefore, There is 23.4B more that is not accounted to the cash flow estimate of 80.6B
I agree that people may get a big surprise. LBHI was very methodical in establishing the OBS. My opinion to eventually merge back all remaining illiquid assets and continue on for some years while maximizing the tax free returrns (nia NOL carry forward).
I do think the POR will be closed with the next payment. Equity will retain a majority stake in the illiquid assets brought back to LBHI (CTs happen to sit at the top here).
Upper tier creditors get a pro-rated portion of the minority stake (~49%), but ultimately will have received more of a recovery due to the NOLs allowing min. taxes while LBHI continues in business long enough to liquidate the remaining assets or merge again to further utilize all NOLs and asset monetization.