Read this link, and then research those cases, and these are just a drop in the bucket, but KCC just so happens to be the consulting firm that consulted these companies as well.
I repeat, it is a common misconception and a falsehood that common shares can not be cancelled while still retaining NOLs.
If that's not good enough, look at the Lear case, which is relatively new, and the case of Washington Mutual Inc is not "special" or "different" than any of these cases.
Signed by the Judge in the Lear case, and KCC is consulting for yet another company that is cancelling their commons AND preserving their NOLs. Final Order Establishing Notification and Hearing Procedures for Transfers of Common Stock [re: Docket No. 12] http://www.kccllc.net/documents/9914326/9914326090731000000000014.pdf