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Post# of 735695
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p_chen

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p_chen

Re: WaS post# 56219

Thursday, 02/26/2009 8:32:23 PM

Thursday, February 26, 2009 8:32:23 PM

Post# of 735695
Visa Inc. Class B IPO

According to the latest A/L reort, WMI is holding 5.4MM Visa Class B shares (i.e., page 14 out of 175, footnote 5).

http://www.kccllc.net/documents/0812229/0812229090224000000000003.pdf

Class B is held by financial institutions and can be converted in Class A in 2010 at a current ratio of 0.63 (i.e., the ratio is subject to further modifications). Class A is the common stock of Visa Inc., trading at around $56 per share.

http://www.tradingmarkets.com/.site/news/TOP%20STORY/2096650/

Rough calculations:

5.4MM x 0.63 = 34.02MM Visa common stocks in 2010

34.02MM x $56 = $1.9BB (consecutive estimation)

We know that WMI is fundamentally strong. Its investment is well diversified. Many hidden assets have not been disclosed. I find no reasons for a debt-to-equity swap in this case.

God bless WaMuers.
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