Large Green -- GAAP standards say that such things as NOLs can only be "booked" to the degree that "more likely than not" they will be used -- In the "horizon" that the audit/plan is proposed.
Said another way, there is unlikely a plan that could be put forward, that would define consuming ALL of the NOLs in an immediate horizon.
HYPOTHETICAL: So if a published plan (*INITIALLY*) can consume $100m of $5b of NOLs -- then $100m can rationally be booked by GAAP standards and the remainder will be footnoted -- that's an expectation that all must realize.
Now, both the "amount" that can be booked by the "plan" (TBD) and the total NOLs ($5b in my example) are both hypothetical.
And the other preperation that folks need to understand -- the audit is for a "fresh start" -- eg, assuming (reality) that WMIH began on the day of bankruptcy exit. And at that moment-in-time, the NOLs "book" value on a ledger sheet is ZERO. Nothing existing that is "more likely than not" per GAAP to be stated.
If the audit comes out before a 'plan' -- then the NOLs will be noted as ZERO on the ledger, and footnoted.
@ All - If you are not an accountant, OR don't understand GAAP, or the difference between a ledger sheet vs. footnotes, etc -- then don't get too upset here... Please..
...Catz
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