Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Taxes

Schedule of components of benefit from income taxes

	Successor									Predecessor
	Company									Company
							One Month			Eleven Months
	Year Ended			Year Ended			Ended			Ended
	December 31,			December 31,			December 31,			November 30,
(dollars in thousands)	2012			2011			2010			2010
Federal:
Current	$	45,386		$	14,395		$	4,557		$	(242,268	)
Deferred	(132,281		)	(134,443		)	(7,256		)	111,258
Deferred - valuation allowance	-			-			-			(111,258		)
Total federal	(86,895		)	(120,048		)	(2,699		)	(242,268		)
Foreign:
Current	2,604			886			(177		)	(918		)
Deferred	(14,072		)	(1,092		)	6			1,791
Deferred - valuation allowance	15,655			3,956			-			-
Total foreign	4,187			3,750			(171		)	873
State:
Current	5,840			2,556			731			1,309
Deferred	(23,378		)	(5,777		)	-			50,711
Deferred - valuation allowance	9,092			21,184			-			(50,711		)
Total state	(8,446		)	17,963			731			1,309
Total	$	(91,154	)	$	(98,335	)	$	(2,139	)	$	(240,086	)

Schedule of reconciliations of statutory federal income tax rate to effective tax rate

	Successor									Predecessor
	Company									Company
							One Month			Eleven Months
	Year Ended			Year Ended			Ended			Ended
	December 31,			December 31,			December 31,			November 30,
(dollars in thousands)	2012			2011			2010			2010
Statutory federal income tax rate	35.00		%	35.00		%	35.00		%	35.00		%
Valuation allowance	(5.02	)		(5.48	)		-			45.50
Foreign operations	(3.20	)		(.44	)		-			-
State income taxes	1.76			.65			.03			.35
Bargain purchase gain	-			-			(35.17	)		-
Outside basis	-			-			-			18.80
Other, net	.69			.71			(.01	)		(1.47	)
Effective income tax rate	29.23		%	30.44		%	(.15	)	%	98.18		%

Schedule of reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax obligation

	Successor
(dollars in thousands)	Company
Years Ended December 31,	2012		2011		2010
Balance at beginning of year	$	-	$	-	$	-
Increases in tax positions for prior years	1,091		-		-
Decreases in tax positions for prior years	-		-		-
Increases in tax positions for current years	489		-		-
Decreases in tax positions for current years	-		-		-
Lapse in statute of limitations	-		-		-
Settlements	-		-		-
Balance at end of year	$	1,580	$	-	$	-

Schedule of components of deferred tax assets and liabilities

	Successor
(dollars in thousands)	Company
December 31,	2012			2011
Deferred tax assets:
Mark to market	$	48,148		$	-
Net operating losses and tax attributes	23,403			8,422
Pension	13,819			33,918
Market discount	10,698			11,095
Real estate owned	7,862			-
State taxes	6,547			-
Insurance reserves	4,576			7,093
Legal reserve	1,989			14,539
Fixed assets	-			417
Deferred insurance commissions	1,043			101
Other	1,875			1,828
Total	119,960			77,413
Deferred tax liabilities:
Debt writedown	337,770			415,943
Securitization	16,840			2,165
Other intangible assets	10,233			14,939
Fixed assets	1,844			-
Mark to market	-			18,456
State taxes	-			8,649
Other	12,843			15,449
Total	379,530			475,601
Net deferred tax liabilities before valuation allowance	(259,570		)	(398,188		)
Valuation allowance	(39,291		)	(17,726		)
Net deferred tax liabilities	$	(298,861	)	$	(415,914	)