The value of the NOLs would not change. It would be up to the redeeming entity to use said value to offset their gains thus further reducing their tax burden. Example, company A has $10B profit then applies $3B Nol = $7B net at %15 tax rate = $1.05B in tax. Same Company applies same $3B Nol to same scenario but at 35% tax rate, tax is now $2.45B. NOL has not changed, taxes have changed.....Which scenario would you want????