WMI lawsuits against JPM summary $12 bet combo!
From this filing in Delaware bankruptcy court, 5/29/09: http://www.kccllc.net/documents/0812229/0812229090529000000000010.pdf
1st CC, p114: Capital contributions: avoidance and recovery, ~$6.5B, fraudulent transfer
2nd CC, p115: Capital contributions: avoidance and recovery, ~$6.5B
3rd CC, p116: Trust securities: ~$4B, avoidance and recovery
4th CC, p117: Trust securities: ~$4B, avoidance and recovery
5th CC, p118: Trust securities: ~$4B, avoidance and recovery
6th CC, p119: Trust securities: ~$4B, avoidance and recovery
7th CC, p120: Trust securities: ~$4B, declaratory judgment that securities are property of Estate
8th CC, p121: Preferential transfers: avoidance and recovery
9th CC, p122: Preferential transfers: avoidance and recovery
10th CC, p123: Fraudulent transfer: P&A Transaction is avoidable as a F.T.
11th CC, p124: Disallowance of claims by JPM
12th CC, p125: Declaratory judgement on all "Disputed Assets" as property of Estate
13th CC, p126: Turnover of intercompany amounts due
14th CC, p126: Unjust enrichment claim
**15th CC, p126: Trademark infringement
**16th CC, p128: Trademark infringement (common law)
**17th CC, p128: Patent infringement
**18th CC, p130: Federal copyright infringement
(**Note the jury trials demanded for 15-18) ------------------------------
Valuation of WMI amended counterclaims against JPM, filed 9/11/09, Delaware Bankruptcy Court: http://www.kccllc.net/documents/0812229/08122290909140000000…
A. Capital Contributions: by WMI to WMB (JPM) -- constructive fraudulent transfers -- value $6.5B
B. Trust Securities: WMI owns but value went to WMB (JPM) -- constructive fraudulent transfers -- value $4.0B
C. Other transfers: by WMI to WMB, fsb, or for benefit of WMB (JPM) -- constructive fraudulent transfers -- value $3.4B
D. WMI received less than reasonably equivalent value for WMB when sold to JPM -- unliquidated - no value specified -- catch-all for total value not included in other claims?
E. Intercompany Accounts: owed by WMB (JPM) to WMI (does NOT include $4B cash in DDA) -- 177M + 22M + 490M -- value $0.7B
F. JPM unauthorized, intentional, and infringing use of WMI intellectual property -- trademarks/service marks, patents, copyrights -- value of WAMU brand alone $6.0B
-------------------------------------------------- ------- TOTAL value = $20.6 billion + unliquidated claims
$12+ is a safe bet. Most of the legal analyst's both boards put it at around $24/s. The reasoning goes like this:
1. Book value of WMI on June of '08 was $26B see their 10Q.
2. Aug. '08 TPG put in almost $8B. Capital infusion. It was originally preferred stock but was converted to commons. This is what Bondermann and the Texas lawsuit is about.
3. Independent auditors have placed a book value on WMI of around $52B.
4. In a court case damages could run as high as 3X book value if it goes the distance to a jury trial.
5. Our legal analyst's both boards think Weil would ask a minimum, 2X book value for a settlement.
6. So, 2X book value at low number $26B would equal $52B settlement money. Subtract $8B liabilities, $4B P's & H's (bonds are part of WAMU Bank not WMI so not accountable here). That leaves $40B for the commons. $40B/1.7B O/S equals $23.5/s. End of story.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=42169171 ----------- An der Börse sind 2 mal 2 niemals 4, sondern 5 minus 1. Man muß nur die Nerven haben, das minus 1 auszuhalten. |