Wednesday, March 21, 2018 12:35:59 PM
Look at it this way. The IRS will see creditors writing off $150 bil in debt from their earnings. Why would you think that the company that generated those write offs by failing to payback their creditors will also be able to write off additional sums from NOLs.
What many fail to grasp here is that this is a total liquidation for the benefit of creditors. That means EVERYTHING will be monetized to pay back creditors. There will be no remaining business. If there was it would be sold off too for the benefit of the creditors.
SEction 382 of the IRS code pretty much covers all of this stuff.
Lehman's cancellation debt basically kills the NOLs. The letter LBHI received from the IRS confirms that.
From LBHI;
the reduction of the
I do not know how that could be anymore clear.
Joe Stocks
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