Savin4College,
You are correct in that most of the NOL value would be lost with a change in control:
In order to prevent “trafficking” in net operating losses (NOLs), tax rules place potentially severe limitations on the use of a company’s tax losses and tax credits following a change in ownership.
bridgesdunnrankin.com/c-corp-with-net-operating-loss-carryforwards-watch-out-for-irc-382/
Simple math if the value of the company were $17m (today's market cap), 4% of that is $680,000 (multiplied by the tax rate) leaves tax (cash) savings of $230,000 per year. You can do some math to discount the value of $230,000 over X number of years and depending on your assumptions, the NOL might be worth a couple million bucks under a change in control but not $20 million.
The way to realize the value of this potential $18m tax asset is to generate profits. The NOLs are much more valuable to the company than to an acquirer.
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