What you are missing is creditors are not equity holders, nor the same as. Only equity can own the NOLs. Only equity (Lehman) can use the NOLs. As the liquidating trust moves through BK, it is equity (Lehman) that uses the NOLs to reduce their tax obligation. Creditors benefit from that as it leaves more funds to be distributed to the creditors. That is why they can't own 100% of the Lehman and still keep the NOLs.
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