I suspect Tricadia will have a heavy "control premium." That is to say, they'll value the company more if they have absolute control over it than if they have to drag along a bunch of shareholders.
I think it would make sense to use the analysis in the Six Flags document you found and apply the NOL analysis to it. I read the filing in a cursory fashion, but it appeared to say that the NOLs could be kept if reduced to the value of the company's assets immediately before cancelling the common (or something to that effect). In the Six Flags example, that's around 60%, maybe a bit more.
If common are kept around, then Tricadia needs to deal with a bunch of junk that they might or might not care about - disclosure laws, shareholder approvals, etc. If the value of the NOLs preserved by keeping the common around well exceeds the NOLs and control premium earned by cancelling, then they might consider doing that. But your conversation with K&Y does indicate that might not be a viable consideration.
Anyway, I'm a fan of crunching the numbers - I just can't do so at this point because I'm no finance guy, and because I'm pretty darned busy.
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