The Motley Fool Discussion Boards

Previous Page

Stocks D / Dana Holding Corp.

URL:  http://boards.fool.com/ive-been-writing-about-this-sham-bankruptcy-on-23813698.aspx

Subject:  Re: Bankruptcy revisited... Date:  3/9/2006  5:39 PM
Author:  Jazzenjohn1 Number:  110 of 111

I've been writing about this sham bankruptcy on the Ford, Dana, and GM boards. You're the first one to get the same feeling about it as I have. Here is a link to the news section on Dana's own site where they explain how they "lost" 1.3 billion

http://dana.mediaroom.com/index.php/press_releases/2038

The company provided a valuation allowance, as announced on Oct. 10,
2005, against its net U.S. deferred tax assets during the third
quarter. The one-time impact of providing this allowance was a
reduction in net income of $918 million in the period, which represents
the restated net U.S. deferred tax assets at the beginning of the third
quarter and also includes $13 million for a similar allowance against
the company's U.K. tax assets. The valuation allowance was recorded
because, based on its current outlook, Dana believes it is no longer
more likely than not that the company will be able to utilize these tax
assets. This action does not affect the company's ability to use these
tax assets later if justified by future p