Replies to post #2809 on Dime Bancorp Inc (fka DIMEQ)

[MasterBlastr]

There is also the $5.16B in BOLI/COLI uncovered that has been kept off monthly operating statements and is nowhere to be found on Wamu POR v6. JPM could complete the buyout of all Wamu disputed assets, or will continue to be reorganized under Chap 11 (not Chap 7 as once in a while someone suggests).

[philipmax]

My understanding is that LTWs are in payout purgatory. I mean that Steinberg and Sonnera want cash. Others on this board will accept stock in either WMI or JPM. The ultimate payout will be determined by who gets to be the last party that marshals the FDIC litigation through the Appeals and Claim courts.
That institution (currently contemplated to be WMI, but does not necessarily have to be ) will keep the 15% of the "award", say $75-85 Mil., and will negotiate for the 85% with equivalent value (either shares or stock) for LTWs.

One reason the WMI may not be the right candidate is that the distribution is tax free. WMI will have NOLs so the tax-free aspect is wasted. I think that, not withstanding their horrible BK Court behavior,JPM will eventually get it- if only to take advantage of the tax aspect. IMO anyway.