Lehman Brothers Financial SA (LEHNQ)

[MikeJones8]

Fourcents, I don't think 100M in NOL's is worth 12M+. I believe it works like this: for example, let's say Lehman has 50 Billion in NOL's. A company that makes 30 Billion in income annually will be paying roughly 10 Billion in taxes that year. If they merge with Lehman, they have 50 Billion in NOL's that they could use. Therefore, assuming a constant of 10 Billion in taxes per year, they could use up the NOL's and be tax free for 5 years. However, no one is going to pay 50 Billion to save 50 Billion, so they may pay 25 Billion for the 50 Billion in NOL's and gain 25 Billion.