Saturday, January 31, 2015 1:31:00 PM
...and, when looking at ~
1. The Amended Petition
2. The Original Petition
3. WMB's Net Assets @ FDIC Inception
...one can easily see the BOOK VALUE of the WMI Investment in WMB, "subtract it from WMI's petition filing total assets, and get a real good idea of the "NON-WMB Assest" that WMI had.
The Abandonment Motion and the worthless stock loss deduction was almost $9B, however it was pro-rated in accordance with IRC to the $6B.
The reason why it was down to $9B was, because of the loss by WMB on it's seizure (selling price of zero; the FDIC-R got the money, not WMI or WMB) it took massive losses. HOW MUCH? Simple, it's Net Assets at the inception of the receivership. That is what generated the massive NOL 5-year carryback tax refunds thereafter (on a TAX versus BOOK basis).
Simple math from there on out. The difference, $4B in deposits and the net liquidated value of the Non-WMB subsidiaries "at that time." Later, tax refund would modify that number.
And it is exactly the point of why the original petition "WAS AMENDED."
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