This tax loss carryover is available for the first time there is a change of control. During kg's demands for a sale the management (then management at that time) claimed such a change of control occurred during the debt exchange. Not sure if irs gave any kind of advisory opinion -: funny part is I don't see that kind of assertions from the management anymore. Before a buyout price can be determined I guess this issue need to be resolved one way or the other. If tax loss carryover cannot be taken advantage by a buyer then there is not going to be a takeover. Wish an analyst will ask this during a presentation or at a qtrly conference. If not one of us should ask this during the annual investor conf :)
At some point you have to move along from your continued obsession of Kenny. Kenny investment is one of the reason ETFC is still afloat (we have to admit it sooner or later). I am sure he extracted his pound of flesh (interest rate, conversion, selling at peak, shorting, order flow, being in the BOD, buying portfolio in distress etc..). I dont think he was dumb to exit when did - the reason he exited is irrelevant (in my view it could be either 3 or 4). If he was indeed dumb - so be it.
BTW, he might very well be vested in ETFC (be under 5 % and have it bought via other shell companies) and we will never no of it!
I think he wanted Citadel to be like GS (and EFTC would have been a good fit) at some point. But the regulatory scrutiny is not something he anticipated (or is willing to subject his enterprise to).
ETFC has and will move in tandem to its peers and NIM (10 year treasury). The healing of the loan portfolio is the key.
Here is my take on EPS 2013 (.70), 2014 (.90), 2015 (1.15), 2016 (1.35), 2017 (1.55). Around 31 in 2017 with a multiple of 20, higher if they can get a better multiple.
Who gives a damn if Kenny (Citadel) made money or not (I dont think anybody here in this message board) gives a hoot. I wish I had known the price would go down from 16 (2009) to 7 (2013) and then go up. I could have shorted and then gone long - instead of being long since 2009!