If the Debtors received $ 5.2 B in cash for the Sale I would agree, but it looks like much more Debts and Liabilities were eliminated from the SHC balance sheet than what SHC received in Assets from the Sale. Also - if Holdco receives NOLs that will also reduce the value of SHC Assets.
Remember that the SHLDQ Shareholders’ Equity Interest is in the Assets of the Company.
I question the equality of the Sale. I amend the $ 5.2 B to $ 3.5 B - unless Holdco received NOLs.