Tax losses. Another reason for PEA TakeoverAny tax expert want to chime in? I'm going to spitball. Pea has $700 million of tax losses. Too bad they lost so much they generated those tax losses but with the entire industry rolling in profits, those tax losses are worth serious money. I'm going to ball park the value at 25% of $700 million because that's the rate I see big profitable producers paying in Q2. So that's $175 million in value to any company that buys pea and can use the $700 million in losses. So what? On 158 million shares outstanding, that's $1,10 per share for tax losses. So at yesterdays nose bleed close of $1.37, after subtracting the tax loss value, the buyer is paying $0.27 per share ! They should cash flow, annualized, about $1 a share when they announce Q3. Just another way of concluding somebody may buy these guys. Soon. Even if they pay a 100% premium at $2.74 per share, after subtracting the tax losses, that's still only $1.64 per share, so less than 2X cash flow.