Newcastle Investment ditching REIT status, changing name

|By:, SA News Editor

More of a golf and entertainment company at this point, Newcastle Investment (NYSE: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.

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