If you divide 1,7 bill. OS wamuq by 60 million newco shares (30% of 200 mill.) you get 28,5 wamuq for 1 newco share.
But as I said this math is too simple. But people is relying on that.
"In 2004, Dimon set a goal for JPMC to acquire the Washington
Mutual banking franchise and geographic market by any means
necessary. In the months and years that followed, JPMC developed
and executed an unlawful scheme designed to achieve this end"