Sears Holdings Corp. (fka SHLDQ)

[linda1]

I read in a WMI 10-Q filing that it had approx $ 7.5 B
in NOLs when it exited Bankruptcy - which were
later reduced to approx $ 6 B due to an ownership
change when it issued the new WMIH Commons.

If the WMI POR based the distribution of the
new Commons on the valuation of the NOLs and
remaining estate Assets, then that could explain why
the Shareholders received some of the new Commons.

$ 7.5 B NOLs = $ 7.5 B Preferred Shares.

The value of remaining estate assets = new Commons
for Shareholders.

If the Sears’ Unsecured Creditors are owed $ 3.5 B
and the Tax Attributes are $ 6 + B, then that should
equate to the Commons also receiving new Commons
for the remaining value of the NOLs.