Nope. Not in chapter 7. Chapter 7 by law is shut down and liquidation, remaining proceeds go to creditors and other allowed claimants. Had there been a suitor while it was in Chapter 11 that agreed to a deal to accommodate the secured debt and some of the unsecured debt, there might have been a possibility, but such a deal would very likely have cancelled the common stock, since the suitor would want to own all the equity in the company and possibly recapitalize by issuing new stock.
In order to use the NOL's, the business operations that created them would have to be continued, and this company is shut down and over a year into chapter 7 liquidation. You don't "roll" a liquidated and dead company into another just to "go public," that's really just absurd and should have been the first red flag.
The unpaid debt remains attached to the corporation, and there'll be a lot of it seeing as how the claims totaled $48M at the outset. The trustee is supposed to move to expunge all remaining debt, cancel the equity (the stock), and dissolve the company once the judge approves final distributions, but we'll see if he does.
I expect this one to be revoked before the bankruptcy is completed anyway.
I swear I’ll never use the phrase “you can’t make this stuff up” ever again after being on the OTC. Apparently you can.
