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  "documentTitle": "Credit Suisse | Investment Banking Pitch Book | 49 slides",
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  "presentationDate": "2017-10-01 00:00:00",
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  "notes": "Includes specific financial figures regarding NOL carrybacks and tax refunds.",
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      "text": "Source: Osprey management in consultation with Osprey's tax advisors and Merger Agreement draft dated 10/5/17. Note: Credit Suisse does not provide any tax advice. (1) Includes $7.7 million 2015 federal taxes paid (net of alternative minimum tax (\"AMT\"), $25.5 million estimated 2016 federal tax paid and $0.7 million 2015 & 2016 state taxes paid, per Osprey management.",
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      "text": "Tax refunds available to Osprey stockholders of record at closing: Refund of 2016 federal and state taxes overpayment: $5.9 million; Refund of 2017 federal and state estimated taxes paid: $1.8 million; Refund for NOL carryback claims for 2015 and 2016 federal and state taxes paid: ~$33.9 million",
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      "text": "Certain tax considerations: FEIM assumes responsibility to file tax return; Timing of tax years included in carryback claim; Statutory period for return of cash is 45 - 90 days after filing; Subject to IRS review and potential audit; Limited visibility on timing of IRS examination; Company has received clean tax audits for five consecutive years up through 2014.",
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      "text": "CVR payment mechanics: 30% of any applicable income tax refund paid promptly upon receipt; Balance of applicable tax refund paid at earlier of expiration of statute of limitations for audit or completion of audit; Interest payable at agreed rate on undistributed portion of tax refund.",
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      "text": "As a result of GSO / FEIM transaction structure: Osprey expects to recognize a loss of ~$200 million upon closing of transaction; Net operating loss (\"NOL\") can be applied to offset 2017 estimated taxable income; NOL can be carried-back to 2015 and 2016 tax years; Remainder available for carryforward.",
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