Monday, August 30, 2010 9:25:05 PM
"But that had to be one hell of a document"
No, its accounting issue: How did JPMC account for the WMB assets.
Its was purchase accounting, not pooling of interests. In order to be pooling of interests, the complete companies have to combine.
There are tax issues, in this case, huge tax issues to the seller and/or buyer of the assets -- someone has to pay taxes on the sale. I recall pooling side steps tax issues, book values of the two companies combine. But in purchase acct, there has to be a "new" book value for the purchased company.
JPS to JPigC: what is the book value of assets claimed in IRS filings. This has to be done. JPig has to pay taxes on these assets. The "new" book value reveals the assets! If not the assets, certainly the value, which is $2 billion greater than purchase price.
Oh, btw, Can PJS get the assets list claimed in IRS filing? So, PJS can value those same assets.
All IMO.
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