Mr O'Brien is repeating the history. During his first year with...

Mr O'Brien is repeating the history. During his first year with Newmont, he did massive writes-off. Same thing here.

Statutory loss is huge, but it's "no cash", mostly due to assets/inventory impairments.

Once the market recovers (and it will recover), this company will be awesomely profitable (less depreciation cost, SGA reduced, functions merged ect ...). This is a fact. And even in difficult time like 2013, BLY generated cash !!!

The only tricky part here is Goldman Sachs. If there's a spin off of "product", or a TO these days, can't see how this will be profitable to the shareholders. You just don't make that kind of deals during the low cycle.