Mr Cooper Group Inc fka COOP

[Civil War General]

$5-Billion was Debtor's-fiction-value $20-Billion is-2011-value

Don't try to combine the $5 billion NOL fiction with the $20 Billion NOL reality.
Your math will get screwy.

Net Operating losses directly offset capital gains.
Did you ever lose money on a stock trade, but made money on another one? The loss offsets the gain and you pay no tax because you made no money.
Here, a company with $20 Billion in Net Operating Losses needs to be purchased by a company with $20 Billion in capital gains so THAT COMPANY GETS TO KEEP THE $20 bILLION.