I would rather buy something that has positive cash flow whose earnings would be accretive right out of the gate, but who knows.

Maybe we should just write down the value of the ARS to next to nill (might be able to make an accounting case for it but it is a real stretch) and take the tax advantage of that now; and then later when we can move them out at or near par value, treating that as a capital gain at a lower rate (unless you know who gets elected). Gives you the best of both worlds: current tax deferral, and lower tax later. I know this would not really fly, just musing a bit.