Sears Holdings Corp. (fka SHLDQ)

[Omarprelude]

FASB 109 - NOLs (aka deferred tax asset) may not need to be reported (meaning no valuation allowance needs to be calculated for the balance sheet) if determined 50% or more probability some or all NOLs will be utilized to generate tax savings. Who knows, tax accounts could be working on the probability analysis as we speak? Sounds like that would be a complex calculation.

So I would say yeah a clean shell, cleansed of debt but with possibly of a few billion in NOLs you won't see or be able to calculate and reconcile at the moment based on those bk numbers we've been reading in press ($5.2B bid, etc.). Up coming earnings report may shed some light and speak to the NOL probability analysis and maybe the est actual NOL amt (assuming NOLs are indeed still in SHLDQ).