The NOL's are not the debt.
They were created because of the losses but they are an asset (potentially) not a debt.
You seem to again to think SHLDQ is Sears, its not. SHLDQ no longer owns the Sears stores or brands, that is not in any way in dispute, its absolute fact. SHLDQ has no significant assets left. It doesn't matter how profitable Sears is, that doesn't help SHLDQ at all.
You can not invest in Sears anymore, its a private company called Transform Holdco.