Fish,
The examiner hasn't hired his own accountants or financial analyst to my knowledge. My thought is that he has numbers that were presented by Solomon and DIP. IMO, a big law firm would have business valuators that can look at numbers and determine the reasonableness.
The examiner's principal job is to determine if claims have legal standing and ASSETS.
Here's my wager, The examiner has asked DIP for the assets before and after the seizure and sale. The examiner has asked JPM for the list of assets received from the FDIC. The examiner has asked the FDIC for the list of assets received and sold.
Now if the examiner sees discrepancies or false presentations from any of the parties, the examiner would quickly request a Trustee. With a Trustee, the FDIC, DIP, JPM, OTS goose is cooked. The DIP would have to handover every email and every paper communication leading to the POR. If they agreed to give away the entire Wind Energy portfolio for nothing back then immediately they can be charged with false representation and BK fraud.
The tax refund legal analysis is what am most interested in because the DIP has to present a legal argument for giving away the Tax dollars.
Am also interested to know whether or not the conditional exchange for the Trust Preferred Securities actually took place. If the examiner says the exchange did not happen, then we are looking at about $11B in Assets. If it happened then the TPS guys can go after JPM with full fury.
GLTY.
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