Lehman Brothers Financial SA (LEHNQ)

[jwnoble3]

I'm trying to figure out what the NOLS would really be worth (in % terms).

The Fed corp tax rate is ~30%, but I think that est. would be high in this case. So NOLs of ~75B, are worth less than $25B.

Is this correct?

Plus, whatever illiquid Assets remain from Lehman or companies they acquire during the liquidation (Archstone, maybe others).

These two (NOLS + Assets) would ultimately provide the total value of NEWCO that would be aquired (or possibly NEWCO continues to aquire to max NOLs and Revenue).