SMH
The assets were sold in the liquidation for $4.34M, so that's what they were worth.
If the IRS were to ignore its own rule 269 and allowed the use of the NOL's by anybody, they'd be worth $67.2M of actual tax reduction. That's $320M of NOL's times the corporate tax rate of 21%, and, yes, that is how they work.
The contracts are worthless. They were offered in the liquidation, and the JV didn't want them, and nobody has wanted them since. If those contracts held any value whatsoever, the secured creditors wouldn't have allowed the company to be liquidated.
Now that we're past this evasion, answer why a company with a tweeterland value of $540M and a mere $100M of liabilities filed for bankruptcy in the first place?
