Sears Holdings Corp. (fka SHLDQ)

[rc1968]

NOL's are worth $1.5B Max

I previously posted on this. ~$5B of them (its in filings) remaining. At max 30% marginal tax rate equals $1.5B (best scenario). Plus $900M in tax credits.

This October article has some info.
https://www.bloomberg.com/news/articles/2018-10-24/sears-s-losses-could-become-retailer-s-most-valuable-assets

It is unclear if those are still with SHLDQ or with Transform Holdco.
(its difficult to figure out in the 8K so I don't have an opinion on that specifically)

Even if they are with SHLDQ, it still doesn't cover the remaining liabilities though. Its also unclear how the value in them could be released as they can't be sold but taking on $6B in liabilities to get $1.5B obviously makes no sense (to be clear you lose $4.5 B in that scenario)

You would have to generate $5B in profits to use them but SHLDQ has no significant assets left to generate any revenue even let alone profits.

Yes I suppose they are opinions based on the 8K filings, its all in there so that is my backup.

And lastly why are you seemingly getting hot under the collar. I am simply pointing out either obvious things (like you don't exercise options that are under water) or information from the filings that are facts.

I am not biased either way, I have no shares of SHLDQ or shorts (and never have nor do I plan to). I am simply a creditor that is trying to figure out if I will get paid or not.

I would absolutely love to see SHLDQ be able to cover all its liabilities because that means I get paid in full. I unfortunately just don't see it right now and I am looking damn hard for silver linings.