Yes, if CT's are paid out in full....the reorganized company could use preferred shares (old cold equity) to maximize NOLs. Keep in mind however....how many preferred shares are issued? What are the face value of those shares? Remember, 51 percent of the new company would have to be made up of old cold equity (preferreds) but preferreds may not see face value reflected in the new shares. That being said, preferreds could still see a great recovery if the new company pays CTs in full and uses preferred shareholders for NOLs. To add on this, if the new company uses preferreds for NOLs it's possible commons could see a small portion as well.
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