If you've been following the WMI (Wamu) saga, we were left with substantial NOL's as well. It's been close to 3 years and still not even one acquisition to offset the NOL's and generate value. Having NOL's are one thing, knowing how to make use of them is another and it is all about having a knowledgeable, well connected, equity friendly, BOD to create opportunities. Unfortunately, WMI has a loser BOD.