• Bankruptcy and years of losses has totaled over $2 billion in deferred tax assets and management's focus on profitability will unlock deferred tax asset over the next 20 years
• Huge pension deficit is disappearing as interest rate/discount rate rises
• Liquidation value with another 100 bps increase in pension discount rate would mean liquidation valued downside of only 6%
• Management agrees the company is undervalued and bought back $67 million worth of shares in 2012 and has another $33 million available to buyback.
• Industry is in cyclical downturn and paper is in secular decline, but rising housing starts, better pricing inputs and cost saves will add significantly to RFP's EBITDA
• Trading significantly below ...