thanks. my number is from their 10/31/08 form 10-k - it is the tax effected NOL recorded as a DTA (see tax footnote) and I simply assumed they have enough tax income in the extended carryback period to recover the net $139 m. If you gross up my number using corp tax rate of 35%, you get a loss of about $397 pretax. I suspect I am a little conservative as they should be able to carryback 2008 or 2009 losses and 2009 loss seems like it will be higher (annualizing ytd)excluding gain on debt repurchase which they can elect to defer under legislation passed earlier this year.

If your 300-400 m number is net, I cannot explain our difference.

Assuming it is not priced into the stock, what is the impact on the stock once people figure this out? It is rather significant as a percentage of MV but not so much as a percentage of EV. plus some intangibles which are hard to figure. how would you quantify it and what is the number on a share basis?