ScotC,
I think that the FDIC has still rejected the POR, due to the fact that JPM cannot accept the tax credits that are given to it as part of the agreement. This is because JPM took TARP money and thus, they cannot accept the NOL tax credits that is given to them as part of the proposed POR.
In fact, on May 5th, the FDIC still maintained its position of objecting to the POR.
Thus, the POR while filed, is still not confirmed at this point.
Also note that the POR is woefully incomplete, lacking key forms such as the list of assets and balance sheet.
If this has changed materially from the March 26th version, then I stand corrected. However, from my reading of the filings and following the WAMUQ board, little has changed.
Also, the Equity Committee has also objected to the POR and they have legal counsel in the proceedings.
I would not consider the POR finalized in the least. However, it is the current working document moving forward. Thus, I would recommend watching it closely but don't rely heavily upon its earlier incarnation.
This is my reading of the situation thus far. However, if and when the FDIC finally accepts the plan, then they will be much closer to finalizing this.
Best,
Jared
