travelmile, Your statement, "...stock price shows the value..." is sometimes true and sometimes not.
Stock price at any given point in a companies trading history shows perceived value. There are countless cases throughout time of companies trading at, above or below their actual value.
In the case of WAMU, specifically, many of us, based on extensive, laborious research, sincerely believe there is much greater value in the company than indicated by both the immediate pre-seizure SP and the current SP.
You are certainly entitled to your opinion and you are asking logical questions. Perhaps, though, you're not digging quite deep enough to get the answers.
IMO