Tuesday, July 20, 2010 7:49:22 PM
The items in bold are (according to my figures) what our estate would receive...
$4 Billion in deposits - $172 million in tax refunds retained by JPM=
$3,828,000,000
PLUS
$3 billion in prior operating losses....80% retained by JPM,
20% of $3 billion = $600,000,000
PLUS
$2.6 billion in "second round of operating-loss tax refunds"...
35% to FDIC, 65% of 2.6 billion = $1,690,000,000
=
$6,118,000,000 (- $4 Billion (WMI deposits)= $2,118,000,000)
So, in essence, they are offering the estate a little over $6 billion, $4 billion which already belongs to the estate (the deposits). So, in reality, they are offering the estate just TWO BILLION DOLLARS for a company whose Other assets (Planes, Buildings and Mineral Rights) are FIVE BILLION DOLLARS!!!!!!!
Quotes from the AP articles:
The deal, which would result in the dismissal of three lawsuits pitting WaMu, JPMorgan and the FDIC against one another, also is contingent on the resolution of claims from holders of billions of dollars of bonds issued by Washington Mutual Bank. Without the bondholders' approval, the agreement could fall apart.
Under the current plan, the bank bondholders would be eligible to receive up 5.5 percent of the bank's of the second round of tax refunds, with a cap of $150 million.
Sources
AP Article
http://www.google.com/hostednews/ap/article/ALeqM5hSJsWmhbZyLfejIucjKC1lyur7WQD9H2U0B83
Desperado's Valuation Post
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=52471091
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