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  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 33 slides",
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  "notes": "Includes detailed assumptions regarding IRS Section 382 limitations and WACC calculation methodology.",
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      "text": "Assumptions: 43% Corporate Tax Rate, Taxable Income per management projections through 2019, grown at designated growth rate thereafter",
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      "text": "Monroe has accumulated an NOL balance of ~$433MM as of 12/31/15. Management projects positive taxable income beginning in 2016... All existing NOLs must be utilized (or expire) by 2038.",
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