Actually, what they are doing is reducing ongoing expenses (interest) by taking a special item hit (cost of extinguishing debt).. Each of the refinancings improved their bottom line going forward.
Est. EPS ($)
(Ends 12/31/14) 0.41
Of course, the problem with that, assuming they actually achieve 0.41/share for 2014, is that if you multiple it by 20-25 (the P/E ratio for their industry group) you get a stock price of $8.20 to $10.24. The stock is currently trading at a forward P/E of around 75.
I would put the top three most likely as CTL, TWTC and GOOG a distant third. The NOLs are very valuable, especially to CTL or TWTC. If a deal is in the works, it will happen soon as any acquirer wants to capture as much of their value as possible (in other words, the longer they wait, the more of the NOLs are used domestically now that LVLT has turned profitable).