bkshadow,
Your methods and values look reasonable, but I'm with Bluzie in that I don't see how we get the NOLs to add an additional $245M to our award in the event of a cash payout.
However, the $2.54/LTW just above that is very similar to the upper range that has been discussed here for along time.
Overall, it's very consistent with what we've all discussed before, so it looks good!
You're right, though, the overall dilution to WAMUQ is enormous! If the WAMUQ are in the money, then everything else is moot and we get our shares.
As Bluzie likes to say, if commons are in the money, then we're in the money.
The upside to an equity payout is that, in the event that someone wants to purchase the WAMUQ for the NOLS (I know, that's a pipe dream) then we would be able to participate in that buyout as well (post-conversion). That could potentially add more return to our investment. Perhaps that's what your NOL line was meant to quantify and I just missed the point!
Best,
Jared
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