I regularly look at the balance sheet section as well as the income statement. As there currently is no business going on, the income statement has minimal interest income, and investment gains. Yes, there are some receivables and intercompany notes, these don't really have much baring on the overall value right now. Currently the item of interest is the cash on hand, and the amount they are paying to wage their legal battle. Or the footnotes about opening a new account at Wells Fargo!
If you are going to point out the other items on the balance sheet, maybe you should make mention to the Owner's Equity section so you like to disregard, with all your talk of cancelled commons. (NOT GOING TO HAPPEN!!)
Preferred Stock: 3,392,341,954
Common Stock: 12,988,753,556
Other Comp Income: (754,344,362)
Retained Earnings (pre-petition) (16,741,804,781)
Retained Earnings (post-petition) (244,084,871)
Total Shareholders Equity (1,359,138,504)
Shareholders equity is negative do to losses caused from seizure of assets without fair compensation. Ever wonder where some get the $8 per share value. How about the book value of the commons at 7.64 a share! That's a good start to understanding one possible valuation.
My real point is, right now we don't know what assets WMI is holding, and what assets will be awarded. Cash is what we do know, and receiving the $4B, is a huge start. Then they we can pursue the other damages.
WAMU will receive a tremendous victory, and it will be sooner rather than later. I'm hoping for it before the end of the year, but first of the year is not that far away, and there are some valid reasons to believe that is another realistic time from.
Hold the faith all!
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