Tax loss carryforwards are essentially worthless. This is a very common misconception in bankruptcies and with bankrupt public companies. People think the company will be acquired (and their shares will have some value) for those carryforwards, but it is not true.
I know a lot of people think they have value to an acquirer, but they don't. Especially when the Company is in Chapter 7 - liquidation. There is no way to transfer those carryforwards in a liquidation.
Section 382 was enacted to prevent the trading of NOL's among corporations. Since its enactment, it has made NOL's largely worthless. Otherwise, wouldn't every profitable corporation in America be buying up all the failed ones? The Googles, Apples and Microsofts would all be snapping up these failed pink sheet companies left and right for their NOL's in order to cut their own tax bills. But they don't, because the law says they can't use the NOL's. They don't transfer. And what little of the old NOL's could be used by any new corporation acquiring the old one is so limited it is largely worthless, anyway.
Which is why no failed company is acquired for their NOL's
