23/54 On March 19, 2012, WMIHC emerged from bankruptcy. Prior to emergence, WMI abandoned the stock of WMB, thereby generating a worthless stock deduction of approximately $8.37 billion which gives rise to an NOL for the current year.
Currently, it is believed that the $5.5B plus the net $2.85B of the tax refunds paid out, approximate the $8.37B referenced in the 10Q that is then adjusted for the abandonment loss by days in the year and results in the $5.96B NOL disclosed.