As you may or may know, there is a restriction as to how much an entitiy may maintain ownership of certain Wamu securities in order to loack in net operating losses. That said, the restriction is approx. 4.xx% of the the outstanding shares.
IMO, JPM may already have their fill or nearly have their fill if they are using JPM subsidiaries or affiliates to accumulate just under the max percentage w/o having to petition the court for approval of exceeding ownership.
Bottom line: JPM would not care who profits from WMI so long as he has his max possible fill, which will limit how much money comes out of JPM, if they have to cough up a portion of the "settlement" or if it goes to litigation. So the PPS can move anywhere at this point. It is up to the demand and the MMs.
IMO, of course.
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