PhillipMax,
That is a good point. However, please note that Judge Block awarded the Anchor Litigation "Tax Grossup," meaning that the normal corporate tax rate (~40% is what we've used here before) was to be added to the final award to "negate" tax liability.
There is a formula given for the award given in the ibox (courtesy of Db7) and I have always simply removed the tax burden from the equation.
Based on that, the estimated values for the LTWs are within a range of ~$2.17 - $2.70-ish. The lower end value comes when you include ~10% take on the legal fees and so forth and the high-end number comes if/when an additional $63 Million is added to the total award (per the appellate court decision.).
I do not know what would happen if there were a tax credit. My assumption would be that the Tax Grossup = 0.0 and we would have the same range of awards. I don't see Uncle Sam gifting us a little "WAMU bonus" on this.
Besides, most of us right now are simply waiting for the results of on-going adversary proceedings. If we get shafted there, then these calculations are moot anyway.
I hope that this addresses the issue that you had raised. If not, then I'm sure the other guys/gals here will fill us both in.
Best,
Jared
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