05-17 18:02
NOL shell companies are not entirely unprecedented. After the US regional bank Washington Mutual failed during the financial crisis, its $6bn of NOLs were placed in a publicly traded company that launched in 2012. Eventually, private equity firm KKR invested hundreds of millions of dollars in that shell, known as WMIH. In 2018, WMIH finally merged with a real business, Nationstar Mortgage, at an aggregate valuation of $3.8bn. WMIH, the shares of which initially traded at around $10, are now above $70.
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