Stories X Stocks

QVC's Billion Dollar Tax Bomb: A Myth?


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The tax bill is a "phantom" liability. It only becomes a massive cash obligation if the company is healthy enough to pay its bonds at full face value. In the current distressed reality, the tax liability acts as a "Solvency Rocket"—a stored value that allows the company to buy back its debt at massive discounts without triggering a cash tax penalty.

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Stories X StocksBy Albert Du