I have not received the mailing yet or had time to read it, but possibly all of those shareholders that are interestd may pool their shares to come up with the minimum % needed.
IRS has rules for the NOL to apply. I remember seeing something on these with WAMU and I believe that a certain percentage of people must hold for a certain number of years(possibly 5} for the NOL to be used.Possibly these must be the largest shareholders. Should these shares emerge thru BK with the debt reduced the shares would fly up which would reduce the need for new shares to be issued.
I had mentioned these earlier with no response. Losses were 2.6 billion over last 3-4 years. I believe that max corporate tax rate is 35%, thus worth is around 900 million to who ever buys or possible to debtor in possession. I saw worthless banks earlier trading for the NOL's due to their value.
Selling at these prices does not make sense. Yesterday, ANR was selling for less than WLT which has filed BQ.
I assume that in a buyout or debtor takeover the receiver would get the NOL now valued at approximately 2.6 billion which would decrease taxes by about 35% if I am correct. I am encouraged some by the earnings announcement. What about an IPO for the gas company similar to Rice? I would also announce that I would no longer sell coai at a loss. I think other coal companies would follow suit and this would turn around. I see this type of thing in the airline industry.
I remember the NOL of banks being discussed in buyouts. Thus the tax loss carry-over can have real value. What value do you place on these? Certainly there are some large losses to bring to the table.