TVIAQ has $900M in NOLs which were NOT part of the Corbion deal. Early bankruptcy filings indicate that TVIAQ plan is to reorganize and use the $900M in NOLs, see page 3 of this filing, where they mention maintaining NOLs AFTER reorganizing: http://www.kccllc.net/terravia/document/1711655170802000000000005 Also, according to the Corbion purchase agreement, on page 44, they carve out NOLs from the Corbion sale: http://www.kccllc.net/terravia/document/1711655170915000000000005 This article explains how a company can successfully reorganize using massive NOLs, with equity surviving. I think many of you guys are MISSING THIS COMPLETELY: https://www.skadden.com/insights/publications/2012/10/bankruptcy-court-approves-innovative-plan-preservi SOMEONE PLEASE STICKY THIS POST, IT IS BEING MISSED - I've been here for months, since I read the NOL court filing.