GREAT post from Yahoo:
A couple of points to consider and would love to hear what others think including Ubeonacid:
1. WMI is the one who requested the extension on the hearing for the $4.4B. Why would they do this because they like losing interest money?
2. Did you watch the trades today. I did closely for the last hour. Everytime a big share purchase came through pushing the price green (50K, 100K) it was followed by a bunch of small 100, 200, 314, 500 share trades. Now if these were buy orders why? It would take this stock going up in the teens just to make the trade commission back. These were sales to drive the price down. Why? This is a penny stock supposedly going nowhere. Check it if you don't believe me everytime it got drove down a bit a large share purchase went through and then same process was repeated. I know the answer day traders. I am a day trader why would i screw with this when the market was surging and there were lots of other places to make money and a whole lot safer.
3. Why file a motion to limit the transfer of shares unless someone is accumulating?
4. The tax benefit is real! This can be verified. Even at my lowest calculation this is worth a couple of billion and some have speculated as high as $20B.
4. Why is there court discussions not posted on Pacer for 24 October when every other day is there. Funny this happened in conjunction with an extension.
5. $32B in assets has been disputed. Look at the list of assets and do some research. Some of this is valuable. They are a holding company. That means companies under them who actually generate profit. WM was the apple but there are a bunch of valuable smaller holdings here. Some have argued that part of the $32B is stock of WM the bank and mortgage securities but not all of it. Think about this you file CH 11 and your stock is valued at .16 cents -- this is what you have to put on the CH 11 paperwork period. The mortgage securities can not all be bad loans either. Probably a ratio but i will give you 50% bad and that still leaves 50% good.
6. The hasty sale pushed a few holdings to JPM that legally they are not entitled to. The investment division is one of them and guess what JPM thought they had the building and overlooked the $4.4B.
Ok I am JPM and I look at this in a business manner -- not because I hurt alot of little people.
1. I get some tax breaks worth maybe a couple of billion
2. I get to keep the $4.4B
3. I get to sell off the bad mortgage to the government
4. I get my 1.9B I gave to the FDIC back
5. I get a bunch of moderately valuable subsidiaries - credit card, investment, building
6. I get the FBI etc off my back and build some good will with my new employees and get to look like the good guy.
7. I dismiss a bunch of potential lawsuits and get the FDIC off the hook.
And guess what I can do this for a stock swap and pay around $2-3 a share. And also if I was smart I bought up as much as I could limiting the payout. And I can get all this and it will probably only cost the money I am going to have to give back $4.4B. Dimon does not care but he is not stupid in my opinion. Over to others to comment.
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