Good points gophiipgo. Which still leaves me wondering, what could the NOL's actual value be - such as to an acquirer with a large amount of taxable income.
Many were disappointed with the EC's settling their mediation for just Newco if it was worth only $200MM. But, if the NOL's had some real value, you can see why equity wanted Newco - it allows the NOL's to be maintained as in your point 1.
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