edbk:
"math of bk...it can be confusing...liabilities are listed as fact but are they?...ie claims awaiting adjustment...assets listed at liquidation and /or depreciation value...the old mark to mark trick...Kmart did not hide any assets they were given the depreciation...value not market...that is the argument...orderly liquidation plus are these claims "real"" - Yes, simplifying some statements into hypothetical functions using the Estate figures can, nonetheless, be constructive to a degree. Shareholders are suffering from limited information that is characteristic of Pink Sheet stocks that don't have the same reporting requirements.
"the wamuq bk was interesting but this was a different bk, assets were greater than liabilities, but the board ceo did not fight for the company" - Killinger tried, but was a glorified loan broker, not an MBA and trusted by the Street without reservations.
"aig fnnma usg gra the board ceo fought hard this in my opinion is why wamuq turn out like it did kmart immediately went with sears with all real estate now at fair market value" - OK
"i think that lehm ceo/board is fighting for this company plus like wamuq the nol will be use. there is just two much money to be made" - $55B to $70B in NOLs is a lot of tax credits and I don't see the Debtors giving those away for nothing even if it means additional 20%+ of position write downs. Yes, Fuld has a lot to answer for, helped establish ridiculous loan requirements at the Aurora subsidiary, lost millions in personal wealth, and chased around BAC, Buffet & others ad nauseum, but he was a trained & educated banking professional with a prestigious book of business.
mojo
"We should measure welfare's success by how many leave welfare, not by how many are added." - Ronald Reagan
