My understanding was that those who accepted the POS7 offer to tender their LTWs in exchange for WMIH (new shares) did so in a very final and non-recourse trade. The redemption was overwhelming, to the tune of 80% (at least, that is what was blogged here). The net effect was to reduce the outstanding LTWs from approx 113M to approx 22M (I don't posses any evidence other than this board's discussion).
Yesterdays' final ruling has no impact on the amount that the LTWs get - since the tax gross-up was to re-reimburse JPM. It was a very important ruling in that the distribution from FDIC can now proceed without another delay.
Again, my calculation works to ~$419M -less legal- ~$35M (estimated)= $384M -less -15% for JPM as lead plaintiff ~$59=leaves $325M to be divided into 22M LTW= ~$14.75/LTW.
There are some here, who tendered under EXTREME duress, who may claim that the 2012 tender was a fraudulent extortion. In that case, the divisor is 113M = $2.87/LTW.
The main concern is whether JPM will claim that ALL the LTWs are void and refuse to share any proceeds.
All numbers were rounded for quick calc. and are my opinions only.
