That it is simply an order, issued over a year ago, that restricts the transfer of stock in order to preserve WMI’s NOLs and IS NOT an order that means that the commons must "stay alive" in order for the NOLs to be preserved.
The reason trading orders restricting the transfer of equity in bankruptcy cases are put in place to preserve NOLs has absolutely nothing to do with a company's intention of keeping common shares in tact, and EVERYTHING to do with preserving NOLs.
Such orders are commonplace in bankruptcy proceedings and this order is not unique to WMI.
That trading order that was approved over a year ago, and mentioned above, has absolutely nothing to do with WMI’s intent to keep equity in tact (neither commons or preferreds), and has everything to do with preserving whatever NOLs they are entitled to. Please see the following post regarding trading orders and their significance as it does a good job of explaining the significance of such orders supported by a recent case.
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