In its 10/8 letter to shareholders, Steel says it would pursue a sale of the operating business and try to find a way to use the carry-forward losses going forward. But should the ADPT business be sold, the NOL's are worthless if transferred to another owner. Given that we have ~roughly 140M in carryforward losses, which are worth about $40M in tax savings, that would seem to rule out Steel planning a simple asset divestiture and liquidation.

So what our are thoughts on Steel's actual plans? Do we buy the ADPT board's accusations that Steel will turn ADPT into an acquisition vehicle or does anyone have more sensible possibilities?