- More of a golf and entertainment company at this point, Newcastle Investment (NCT) will become Drive Shack, Inc. and begin trading under the ticker symbol "DS" on Dec. 29.
- It will also convert from a REIT to a C-Corp as of Jan. 1.
- While the conversion to a corporation means the company will be subject to federal income tax, Newcastle currently has significant NOLs that it should be able to take advantage of in future years.
- Some fancy footwork will be necessary to preserve the NOLs amid the conversion.
- A conference call is set for tomorrow at 10 ET.