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Wednesday, July 22, 2015 7:15:02 AM
It is from 1985 but I think it explains exactly what the bid price of $1.88 bln. means. It was only a purchase premium! Not a purchase price, but a purchase premium. Thast's why JPM has chosen that number (year of WaMus foundation), they could also have chosen 2 bln. or 3 bln. because it didn't really matter because they knew they have/had to purchase the assets from "Schedule 3.2" separately at book value/market value and won't get all Assets (upper case!) according to the P&A, and have to pay for it!
Source (it is worth to read the whole document): https://research.stlouisfed.org/publications/review/85/06/Recent_Jun_Jul1985.pdf?q=penn-square-bank-na
JPM did NOT get everything for $1.88 bln. IMO
The FDIC had to accept the bid because it was less expensive for them in comparaison to a deposit payoff.
Did this still apply in 2008? Any opinions?
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