The NOLs of this company are worthless because they don't have enough money to utilize them by buying a profitable business, and no one can buy the NOLs because a change of ownership makes them unusable. PMI might be able to use theirs, as WMI (old WaMu) is trying to do, but they have money to spend on profitable businesses. TGIC has practically no money, and what it has will be eaten up by the lawyers.
one possibility would be to give preferred shares with no voting rights or conversion, in exchange for cash. Subsequent to a time constraint, I believe after a couple years, the company could be sold or excchanged. This is the hardest battle at this point.