Good question Jerseyhawg. The Lehman NOL's are very valuable to Lehman and to any future JV, merger, acquisition, buy-out, etc...
The NOL moves with the holding company. The only reason that LEHMQ common shares were not cancelled was due to the IRS law that says if you use the NOL's the company "ownership" must remain in tact. Common shareholders are the "owners" of LEHMQ. Meaning a bankrupt company that cancels their shares (like GM) would not be able to utilize any NOL they may have on their books.
This is a fascinating subject and you never know...it may just pay off big or fall like a rock.
Good Luck!
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