It remains to be seen who is control of the reorganized company. If TPG has still not divested itself of its common shares, isn't it conceivable that TPG may end up with the controlling interest in the reorganized company? What good did TPG do other common shareholders in the last three years? In all likelihood the commons will survive to preserve the nols. That is good news no doubt. But retail commons may still be at the mercy of the big boys down the road. Moreover, the news report indicated that wmi still has control of the bankruptcy. Why? Could the gsa between wmi, jpm, fdic and the senior note holders still be intact? Would wmi let common have the reorganized company without the directors getting agreements not to be sued? Could the only litigation left be to fight JPM for the TPS security assets or TPS itself? And are all the wmi assets (whether hidden/disclosed or intended ) to be originally earmarked for the reorganized company when the hedge funds were to be the owners going to be included now that equity is to get the reorganized company? What about big owners of the prefereds --- do they insist on the reorganized company for themselves to throw common only litigation warrants? We just don't have enough information at this point to answer these questions.
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