Sears Holdings Corp. (fka SHLDQ)

[rc1968]

And as I have pointed out numerous items EVEN if the NOLs are still with SHLDQ they don't cover the debt.

Debt after using the $5.2B from the asset sale is still approximately $6B. The NOL's are $5B but only have a value of $1.5B because they reduce taxable income. So $5B x 30% highest marginal tax rate = $1.5B. You can only use the NOLs if you have profits. Sears has nothing left that generates any revenue at all let alone profits but lets say they can sell them (which they can't). That only brings in $1.5B max. $6B in debt minus $1.5B (from NOL's) still leaves a debt of $4.5B or around a negative share value of $44.

Even with all the best possible cases scenarios above (which most are not possible anyway) the company still has negative intrinsic value with no other way to improve that situation.