Whether they wrote it off or not doesn't mean they are not in the game to see this go up. Writing off a loss is a good tax move, but management has not given up hope on the court system.
As a matter of fact, I am of the opinion that TPG is making certain that anyone involved among attorneys to WMI ownership know they are watching things very closely.
You know I don't mind a fairly even discourse but so far on this board you have proven to me that there is one side to your presentation and that's it. I won't be reading anymore of your posts....You are entitled to your opinion.
That article does not say that TPG wrote off the whole investment on WMI. It just states that they wrote down only %29% of the fund which includes several investemnts of TPG and only one of them is WMI. And their write down on WMI loss is only $473 million. And also we do not know what is the portion of WMI on that fund they wrote down %29 off:
"..........NEW YORK, March 18 (Reuters) - Texas-based private equity firm TPG wrote down the value of investments in its latest buyout fund by 29 percent at the end of 2008, according to a document obtained by Reuters on Wednesday.
TPG Partners VI is a buyout fund of about $19 billion in size which the firm finished raising 6 months ago, so only a very small percentage of the fund has so far been invested.
One of TPG's high profile investments, in savings and loan company Washington Mutual Inc, was wiped out by a move in September by the U.S. government to close and sell WaMu's banking assets to JPMorgan Chase & Co (JPM.N).
The fund reported a realized loss of $473 million on that investment, according to the document......."
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