Read it again.
Except as provided in paragraph (2), if the new loss corporation does not continue the business enterprise of the old loss corporation at all times during the 2-year period beginning on the change date, the section 382 limitation for any post-change year shall be zero
The "business enterprise" that generated the losses for TGLO was telephony services and Internet registry. Not even close to LNG.
If all a company that had lost millions had to do was cease operations, call itself a shell and then any profitable business could buy it and use the NOLs, the OTC would not be littered with worthless shells sitting on huge NOLs.
There's a reason the previous owner sold 90% of his ownership for $25k.
And BTW, once he's no longer a 5% holder, he doesn't have to report his share sales.
Oops, did I let another cat out of the bag.
Merry Christmas all, and to all a good night. ;-);-)
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