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The first day of hearings in the bankruptcy case involving Blair LLC, its parent company -- Bluestem Brands -- and 16 other related businesses is in the books.
The court approved a number of motions for the time being, but denied one involving the businesses' proposed use of net operating losses (NOLs), according to a Wednesday filing in the case.
NOLs are tax breaks that are generated when a company has more deductions than taxable income. The companies (the debtors) made a motion that involved them being allowed to use those NOLs. Bluestem Group Inc. -- which is the parent company over all of the debtors, including Bluestem Brands -- objected, stating that the NOLs were earned before the debtors were part of the corporate family.
Final hearings regarding all of the motions are scheduled for March 31.