No. Cancellation of debt will be more than $150bil for LBHI and affiliates. That means creditors will be able to write of $150 bil in income dollar for dollar. If there is $55bil in NOLs remaining they only have an economic value of about $11 bil. 49% of that is $5.4bil. Plus they have to raise capital to start a business. It is not like the creditors have an ongoing business that can take advantage of the NOLs. How do they monetize the NOLs? Anyway, IRS section 382 makes it impossible for the LBHI the monetize the NOLs outside of the liquidation.
This is pointless thinking anyway. This is a liquidation. There will be nothing left. All NOLs will be cancelled.
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