The 2006 10-K shows federal net operating losses of $211 million, which expire from 2007 - 2026. Probably the 2007 results have increased the NOL carryforward. However, these NOLs are valuable to GTCB only if and when they generate taxable income which can be offset by the NOLs, which will happen if and when they generate revenue.
The NOLs would be of limited value to an acquiring company as if there is an ownership change of a loss corporation, NOL use is limited to equity value multiplied by a published rate, a bit more than 4%. At current equity values, the present value of the NOLs to an acquiror would be a fraction of he value you would get by multiplying $211 million by the maximum tax rate. But the value of the NOLs to an acquiror would start to increase as the equity value grows, so there would definitely be some extra gravy in an acquisition once we start to get to "proper" values for the goats. E.g., if the equity were worth $500 million, the NOLs could be usable to an acquiror in an annual amount of $20 million, having an annual value of say $8 million, which could encourage the acquiror to pay a bit more.
The goats are protected by a poison pill.
