Mr Cooper Group Inc fka COOP

[JohnnyWinter]

WASHINGTON MUTUAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(UNAUDITED)

June 30,
2008
Cash and cash equivalents $ 7,235



http://www.secinfo.com/dVut2.t8tw.htm

Per WMI’s own consolidated statements, which include assets of WMI + all of their subs (including WMB) there was a combined cash/cash equivalent total of $7.235 billion as of June 30, 2008 . There wasn’t “mega billions” sitting somewhere, so let’s put to rest the stories of $20+ billion sitting in fsb.

Also, if WMI truly believes that they are the rightful owners of $4.5 billion in cash, then that would mean that WMI was always the rightful owner of that $4.5 billion in cash, which means that WMB actually only had $2.735 billion in cash on June 30, 2008. If WMB only had $2.735 billion in cash as of June 30, 2008 , which WMI claims through their own financial reporting, then it is clear that $2.735 billion was certainly not enough cash to continue to operate as a safe and sound institution. Think about it, WMI owned $4.5 billion in cash, and WMB only owned $2.735 billion as of June 30, 2008. $2.735 billion in cash is a laughable amount of cash to have on a bank’s balance sheet. In addition, all of the claims about WMI

Most of WMB’s “assets” were loans held in their portfolio and “other assets” (both of which are “real” “assets”), AND all of their liabilities were “more “real” “than many of their assets. They already had $58 billion in advances from Federal Home Loan Banks accompanied by $39 billion in other borrowings and “other liabilities” (which are/were a lot “more real” than their “other assets” and loans held).

A lot of people are super-pumped about Solomon coming to theparty, however, Solomon can’t pull money out of a hat, those same people were pumped about Venable as well (where is he now), and a lot of those same people claim that WMI’s subs are worth “mega billions” and that they will get “2 times value” and/or a ridiculous amount per share from WMI and/or JPM/FDIC, but that will NEVER EVER HAPPEN.

By the way, one of the reasons that the FDIC and the Bank’s creditors did not sign-off on “the plan” is directly related to the NOL’s and tax refunds, and that reason is that WMI was bargaining with assets that it does not haveownership of. In “the plan” WMI was trying to get more than their fair share of the NOLs and refunds, and the real fight is between JPM, the FDIC, and the bank’s creditors. There are also several reasons why THJMW didn’t tell the WMB Creditors to get out of her court and that they have no standing. Those that say that it’s about to get ugly are correct, but many of those same people have absolutely no idea how ugly it is going to get, nor do those people know who it is going to get ugly for.


Do I think the WMI equity securities will go up one last time from these levels? Of course I do, but I certainly would not hold onto them until “the end”.


If anybody is waiting for a payout of "2 times value" for their wamuq, then you won't have to wait very long, but don't forget, 2 times zero equals ZERO .



Make sure you take FULL PROFITS because “the LAW” really is “the LAW”.













PS- Here is some nice reading that you may, or may not, have read before.
[Title 26, Volume 18] [Revised as of April 1, 2009]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR301.6402-7]

[Page 369-375]



http://edocket.access.gpo.gov/cfr_2009/aprqtr/26cfr301.6402-7.htm





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