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Thanks, this is helpful to understand. They had to know this was a risky play and trying to dodge taxes based on language written in the law by skirting what "

Thanks, this is helpful to understand. They had to know this was a risky play and trying to dodge taxes based on language written in the law by skirting what "ownership" means. The bet didn't pay out because it caught the attention of one dogged person.

TuringNYC 5y ago
I'd imagine it did pay off. They are paying 6.8 billion owed plus ~900 million in interest and fines. So they "lost" about 1% annually on this money over the last ten-ish years. Given the crowd, surely they invested the money. Not in Medallion since it is capacity constrained -- but almost everything in the past 10 to 11 years yielded big money. A funding cost of 1% is pretty amazing, they made a boatload of money off this 1% loan from the US Government.
lotsofpulp 5y ago
Based on that description, I do not understand how Rentech clearly did not qualify as a beneficial owner: https://en.wikipedia.org/wiki/Beneficial_owner https://en.wikipedia.org/wiki/Beneficial_owner Or was the dispute about whether or not the tax treatments apply to beneficial owners at all?