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Olmsted

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Olmsted

Re: Enterprising Investor post# 106

Saturday, 06/30/2012 6:01:05 PM

Saturday, June 30, 2012 6:01:05 PM

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EI -

Ah - so $74.8m of the $106m in cash on the trustee's operating report is really Credit Suisse's? That means only $30m (or $100 per note) for the senior notes, plus any income from lawsuits, minus legal and trustee fees. That seems more in line with where it's currently trading, and less of a margin of safety.

Is my understanding of Credit Suisse's security interest correct?

I'm not sure I quite follow your analogy of the endgame potentially being "WAMUQ-like". Do you mean the drastically reduced recovery for WAHUQ holders in progressive PoRs would be analogous to the recovery prospects for TMST Senior Subordinated?
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