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Saturday, April 17, 2010 1:00:40 AM
My personal opinion is that the $24 is still low for the actual value. A bank that was essentially worth in excess of $300 billion dollars was sold for $1.9 billion. Although certain subsidiaries were writing and buying poor loans and reselling them, the bank still had plenty of deposits and assets. The parties involved, with the exception of JPM, have admitted that the seizure was not warranted, and it is more than apparent to anyone with even a single brain cell that the last minute rush was intentionally designed to circumvent events that would occur in the next day or two that would have provided WMI with more than enough resources to continue (besides the fact that TPG was prepared to provide even more cash).
JD engineered this whole fiasco, and I hope that he is the one who is punished most severely. It was intentional that all of the assets were assumed by JPM and that the liabilities were left with WMB and that there were additional steps to try ensure that the shareholders were left holding the bag. Add on top of that the chutzpha that now JPM and FDIC think that they are entitled to tax credits awarded to WMI.
Our biggest immediate problem is that the current WMI board is more than happy to sell us and themselves out to JD and agree to a POR that does nothing to serve those that they are accountable to. I am hoping that THJMW sees this as clearly we do and grants the motion to hold an annual meeting so that we can try and change the board in a way that force the bank to argue on our behalf.
Bottom line, I think that $24 is the worst case scenario...
Recent COOP News
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