lluther -- you are correct.
IRS Regulations prevent "selling one-self" for the purposes of the NOLs. That's a prohibited mechanism of "shopping around the NOLs."
Basically, the IRS regulations say that you can 'merge' (or sell/merge) with another entity (a) in a similar business and (b) of a similar size.
This is generally interpreted as someone up to your 'size' -- and the debtors 'size' is around $250ish million. Now, you merge, now you are a $500m company. Settle down a bit, merge again, now you're a $1b company, rinse repeat.
All during this time, the taxes on your revenues (generally about 30% taxes) are effectively tax-free as you write-down them against the NOLs you continue to maintain.
The idea of a "GE" or "Exxon" or something coming along and "snapping up WMMRC" isn't going to happen. It can't, and keep the NOLs.
...Catz
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