BTW, SPIN, NOL's means Net Operating Losses and can be used in many instances by acquiring companies to offset their net income which results in lower taxable income and ultimately a smaller check to Uncle Sam. These NOL's are allowed to be carried over year to year (I think Federal rules allow a 20 year carry forward) until they can be used to offset taxable income. If a company can utilize all $260 MM in NOL's, that would result in a potential $100MM tax saving. A big bonus to companies because that big money that doesn't have to be sent out the door.
Considering this type of savings, a $300 MM sale in your example would really only cost $200 MM. This would be a huge steal for a company with Wave's potential.
Also, keep in mind, Wave can utilize these NOL's for years to come when they begin to have taxable income, which will be a big benefit going forward.
MIG