Washington Mutual Preferred fka WAMPQ

[NASCOW]

Based on the two expert opinions, one of which is too
conservative and the other of which is too aggressive, the Court
concludes that the present value of the NOLs to the Reorganized
Debtor is $50 million. This is based on the Court’s conclusion
that the Reorganized Debtor should be able to raise additional
capital and debt over the next twenty years equal to twice the
value of its current assets which will be invested in restarting
the reinsurance business of WMMRC or acquiring other related
businesses. The Court accepts as credible Maxwell’s opinion that
the reinsurance market is a prime area for new investment given
the recent turmoil in the real estate market. 28
Based on all of the above, the Court concludes that the
value of the Reorganized Debtor and its NOLs is $210 million.