Normally I could say yes or no. But NOL rules are not as black and white as its been portrayed here. Yes, the ownership change rules apply, however Sears Holdings NOL's are enormous and it may be possible that some portion of those NOL's can still be used by Transform Holdco LLC. A change in ownership doesn't "wipe out" NOL's ...it greatly diminishes them. But something is better than nothing and they were substantial.
Keep in mind NOL's are not "tax credits". Transform Holdco LLC (the new Sears) must begin to be profitable again (something Eddie Lampert has a terrible track record doing) in order to use any portion of those NOL's IF they or some portion of the NOL's do indeed go with the new company.
If the NOL's cannot be used by Transform Holdco LLC then congratulations SHLDQ shareholders own an empty toxic shell with NOL's.
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