Lehman Brothers Financial SA (LEHNQ)

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However, NOLs are not freely transferable. The Code places limits on the extent to which a Loss Corporation may utilize an NOL following a change in ownership. While these limitations can be significant, importantly, there are exceptions for restructuring transactions completed through a bankruptcy proceeding. Accordingly, as with many other aspects of distressed investing, a bankruptcy proceeding may provide a valuable avenue for maximizing and preserving the value of NOLs.