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Thursday, January 18, 2018 1:29:54 PM
In the most recent Quarterly Financial Report
- as of Oct 5, 2017 - it states that after
all of the liquidation is completed the NOLS will
be eliminated.
It reads to me that the cancellation of remaining
Debt - after the liquidation is complete - will eliminate
the NOLS. Page 23 -
" The NOLs of the LBHI Tax Group (including
Debtor-Controlled Entities) are subject to audit
and adjustment by the IRS and primarily expire
in or about 2028. Substantially all of the
LBHI Tax Group’s current consolidated net operating
loss carryovers are attributable to the Debtors.
The Plan provides for an orderly liquidation of the
Debtors. As previously disclosed in the Company’s
Quarterly Financial Report as of March 31, 2012
[Docket No. 29731], the LBHI Tax Group received a
private letter ruling from the IRS in connection with
the Plan going effective that stated (i) the liquidation
of the Debtors for U.S. federal income tax purposes
may occur over an extended period, and (ii) the
reduction of the LBHI Tax Group’s NOLs as a result
of the discharge of debt pursuant to the Plan
generally would not occur until completion of the
liquidation. Upon completion of the liquidation of
the Debtors, all remaining NOLs of the Debtors
will be eliminated. "
https://www.sec.gov/Archives/edgar/data/806085/000119312517357365/d453223dex991.htm
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