This is a good article. Tony wrote a really good back in 2011. I like the way he writes.
"Market Based Forward Value ratio (if Tony's Value is correct) is X6."
With $65.1M in equity, $10.6M from the sale of preferred stock to KKR, and an eventual $84.7 in cash from the sale of warrants to KKR, WaMu's total hard equity rises to $160.4M based on 273M shares, or $.59/share.
.59 X 6 = $3.54 (give or take a little)