Saturday, May 16, 2009 2:21:10 PM
If assets are at 8 and liabs are at 8, 3.5 billion is needed to cover preferreds. If the FDIC gives WMI $25 billion, then $25 billion - 3.5 billion = $21.5 Billion
21.5 billion divided by 1.7 billion = $12.647
$12 is not unrealistic if the FDIC pays up half of what WMI is asking for.
If the FDIC doesn't pay up, then all shares are toast, including preferreds.
If anyone else has other #s they are kicking around, I'd love to see them.
For that to happen, we are talking a long time out though, and you can all bank on that.
See you all tonight.
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