Lehman Brothers Financial SA (LEHNQ)

[goodietime]

"Like the company has said, all NOLs will be utilized by the cancellation of debt"

Are the Lawyers trying to TRICK 'legalese' us?

https://www.legalmatch.com/law-library/article/discharge-of-debt-income.html

Excerpt:
"When Will "Discharge of Debt" Not Be Considered Income?

There are four situations where discharge of debt is not income to the taxpayer:

1. A debt discharged under the bankruptcy code by the court;
2. The taxpayer is insolvent
3. Debt discharged is qualified farm indebtedness
4. Debt discharged is qualified real property business indebtedness."

So, If in this BK, the discharged debt is NOT considered Income, wouldn't the NOL's STILL BE AVAILEABLE?