Syncora Holdings Ltd. (fka SYCRF)

[rockraider3]

No reputable accounting firm would use your 51% threshold, which certainly includes PwC. There's a more strenuous test that they put the NOL's through.

I'd wager that putting the NOL's on the balance sheet, first rests upon exiting NYID purgatory and then exiting run-off. If Syncora at some point in time resumes writing new business, then that's probably what triggers adding a DTA to the balance sheet.

I'm not saying that the NOL's can't be used to offset any taxable income from settlements or anything else in the mean time. They can. But to be monetized to the balance sheet, that's another issue.