Ann: Change in substantial holding from WAA, page-3

GW unlikely to buy the whole thing because he can't use the capital losses. So he will just keep accumulating, paying 85c per dollar of assets with the tax benefit thrown in. That's what he does well and that's why he's so successful. Also keep in mind there are not only the losses on the CYA balance sheet- they also have a bunch they took off balance sheet, which will come back on as those currently on the BS are used up. It will be quite a while before we pay any tax here, hence why I'm looooooong.