Originally Posted by Hog172

Net Operating Loss NOL is a tax credit a company can use to offset future profits. NOLs can be extremely valuable if used properly. For a large profitable buyer, NOLs can be worth hundreds of millions to billions in present value.

The catch, section 382. IRS doesn’t let companies freely trade NOLs. If ownership changes too much, too fast, NOLs become severely limited or destroyed.
This is why we are seeing ownership change modeling, Equity conversion sequencing, warranty analysis.
Spirit as a stand-alone doesn’t care much about NOLs. They wouldn’t spend millions optimizing NOL usage.
NOL is a stored tax loss that can save a future owner huge amounts of cash BUT only if the company is structured carefully before ownership changes.