Kodak has almost $5 billion in NOLS. On what planet do they want to give those up? How do they keep those NOLS? By tracking down all the entities who have bought and sold bonds since declaring BK to itemize who still holds " old and cold" debt? Heck no, by making sure the secured creditors and equity keep 50% of the newco. Why else has the unsecured debt sat like a brick on the bottom of the pool? It hasn't budged from 0.13 in months. THe reason is because only an idiot would look at $5billion in NOLS and think wow - unsecured - that's the way to go! Can you say reverse cram-down?