The current POR only shows A<L by about $400 million. And lets not forget that Tricadia brought up that an extra possible $17 billion in NOL's if 51% of the "old and cold" equity was preserved. Add the $5.5 billion in writing off the WMBfsb stock and there is a potential $22.5 billion in NOL's. 30% of $22.5 billion = $6.75 billion - $400 million = $6.35 billion + $3 billion tax refunds = $9.35 billion - total preferreds $7.5 billion = $1.85 billion left for common holders. This is excluding any other assets in WMMRC. Preferreds will get a portion of cash and new stock in the reorg. company and commons will receive the remainder $1.85 billion in stock in which it would give them a little over $1/share. Now if we jump up the value of the NOL's using 35% instead of 30%, the commons may receive $1.62/share. Everyone gets their releases. This is not a bad deal and very simple. This is my educated guess on this whole ordeal.
News 
Market Data 
Discover 
