Wednesday, December 02, 2009 1:28:07 AM
There are also other "issues" like WMB's NOLs, which many claim are 100% WMI's, but that simply isn't true. If it were true, then WMI would record refund amounts as receivables and wouldn't simply list them as "notes" to their MORs. There are going to be many disappointed WMI shareholders when this is all "worked out".
I have said it before and I'll say it again, when the bank is revalued, the WMB creditors (and there is more than just the WMB bond/noteholders) will be made whole, and it is highly unlikely that the "re-valuing" of the bank will result in WMI getting anything more than they are owed as a creditor of WMB.
If the bank is revalued at $13 billion, WMI will get approx. .6-.7 billion, if the bank is revalued at $15 billion, WMI will get approx. .6-.7 billion, etc. etc.
People act like it is unfair that FSB had billions of dollars in it, but guess what, banks are supposed to have money in them. Banks are supposed to have capital , and by the gorilla math of many people, it seems that they feel WMI should have transferred all money out of the banks before the seizure and if they would have done that it would have been ok, but unfortunately for many people, "it" doesn't work that way.
In addition to "all that", there will be a trial that includes discovery related to the actual transfer of the money to "the deposit account" imo. Many feel that the Doreen Logan deposition is/was enough for Walrath to make a decision , but it is clear that is not the case. WMI's attorney's should have requested a full trial regarding "the deposit" account a LONG TIME AGO so that ALL evidence regarding "the deposit account" was out in the open, but they chose not to do that. There is no doubt that "the cash" is in a DDA, however, it is not clear as to the origins of that money and/or why that money was transferred to the DDA and/or if "the cash" should actually be in the DDA.
Interesing ? Yes. Clear-cut? Obviously not, otherwise this would have been ruled on a long time ago, and I don't want to hear any BS about Walrath having a busy schedule and/or Walrath making sure the Is are dotted and the Ts are crossed. People that use those excuses are also the ones that claim that if she would have ruled against WMI she would have done so quickly and a long time ago, but that is pure silliness imo.
Numbers don't lie, people do.
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