Let's go over what we have here with WAMU;
two parts, bank and holding company
bank in JPM hands
WM Inc is in Ch 11 BK, did that for protection.
Debate about price of bank and legitimacy of take over
No argument about the 4.4 billion on deposit
No argument about the valuation of WM Inc
No big problems among the lawyers motions
Bank was solvent or close to it at take over time
Recent 70 billion raised by JPM
No issues holding up the 4th quarter report
Large run at the end of last week.
No out and out negative stories in the news about JPM and / or WM
Progress has been made in other bank take-overs recently
Bashers are getting thin and tired
Large institutions have piled on, even recently
There are references to long term management contracts and
strong legal teams in play to explore all options.
Easy way out is for JPM to simply make a reasonable offer after "due process" and keep this all friendly and warm while everyone calms down. It was a rough 4th quarter and everyone is very tired. No one meant any harm! They all thought Paulson knew what he was doing!
For all WM Inc people this is looking very good.
This could go Either Way;
Up or Really UP! IMHO of course.
J in Seattle
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