A. Capital Contributions: by WMI to WMB (JPM) -- constructive fraudulent transfers -- value $6.5B
B. Trust Securities: WMI owns but value went to WMB (JPM) -- constructive fraudulent transfers -- value $4.0B
C. Other transfers: by WMI to WMB, fsb, or for benefit of WMB (JPM) -- constructive fraudulent transfers -- value $3.4B
D. WMI received less than reasonably equivalent value for WMB when sold to JPM -- unliquidated - no value specified -- catch-all for total value not included in other claims?
E. Intercompany Accounts: owed by WMB (JPM) to WMI (does NOT include $4B cash in DDA) -- 177M + 22M + 490M -- value $0.7B
F. JPM unauthorized, intentional, and infringing use of WMI intellectual property -- trademarks/service marks, patents, copyrights -- value of WAMU brand alone $6.0B
----------------------------------------------------- ------- TOTAL value = $20.6 billion + unliquidated claims
$12+ is a safe bet. Most of the legal analyst's both boards put it at around $24/s. The reasoning goes like this:
1. Book value of WMI on June of '08 was $26B see their 10Q.
2. Aug. '08 TPG put in almost $8B. Capital infusion. It was originally preferred stock but was converted to commons. This is what Bondermann and the Texas lawsuit is about.
3. Independent auditors have placed a book value on WMI of around $52B.
4. In a court case damages could run as high as 3X book value if it goes the distance to a jury trial.
5. Our legal analyst's both boards think Weil would ask a minimum, 2X book value for a settlement.
6. So, 2X book value at low number $26B would equal $52B settlement money. Subtract $8B liabilities, $4B P's & H's (bonds are part of WAMU Bank not WMI so not accountable here). That leaves $40B for the commons. $40B/1.7B O/S equals $23.5/s. End of story.
7. Interesting to note: All legal minds of both boards seem to agree on this scenario.