- First Marblehead (FMD) FQ4 loss comes in greater than anticipated.
- Revenues were $7.7M, lower than revenues of $8.9M in the prior year period.
- The company also commented on the IRS audit currently underway, saying that it expects to receive Notice of Proposed Adjustment that would seek to disallow the loss that generated tax refunds previously received as well as require the company to include in its tax returns any taxable income of the Trust Residuals from the March 31, 2009 sale date through June 30, 2011.
- The disallowance of the loss, coupled with the additional taxable income after the sale date, creates a proposed adjustment estimated to be approximately $300M plus interest.
- Shares -28.7% AH.
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