www.msnbc.msn.com/id/39212222/ns/business-motley_fool/
Certification of Counsel Regarding Order Denying TPS Consortium's Motion
www.kccllc.net/documents/0812229/...
a minimum number for a settlement V4
i got today new numbers for the cayman securities, and with some numbers for performing wamu loans, like the covered bonds, i made a computation.
"For all the chaps, who ask for a lowball settlement offer, don`t forget, JPM made an offer in march 08 for wmi!:
+ 6.800 mm for the commons (850 mm shares x $8)
included in the deal was also the assumption of some debt
+ 3.400 mm for the preferreds
+ 13.100 mm for the bank bonds
+ 6.800 mm for the holding bonds
+ 1.400 mm other debt of wmi
+ 31.500 mm would have been the total cost for jpm
in september 08 jpm bought jpm from fdic only wmb for 1.888 mm, without the most liabillities, and wmb had additional
+ 7.200 mm injection from tpg
+ 13.230 mm cayman trust assets (old 7.560)
+ 51.930 mm total (old 46.260)
take off the
- 10.000 mm losses for wmi for the Q2 and Q3/08
- 1.888 mm price paid to fdic from jpm
makes a total profit for jpm
+ 40.042 mm or 40 billion (old 36,6 billion)
this is pure capital, and therefore jpm made unjustified profit with it until now:
40.042 x 16 (allowed are 32) x 0,05(5%) / 12 = 2.669 mm per month (old 2.440), until now x 24
+ 64.067 mm unjustified profit (53.680 old)
+ 104.109 mm or $104,1 billion (90,3 billion old)
so jpm made an illegal and unjustified enrichment of $104,1 billion until now!
And add $2.669 mm every month from now!
And the numbers are from a jpm lowball offer!
i repeat, FROM A JPM LOWBALL OFFER !!!!
now let`s see, we have the victims wmi shareholder old. thats 850 millioon shares, with a medium loss of (30 - 5) 25 dollar. thats 21,25 billions, now assume, 80% sold their shares (jpm, the pension fund didn`t), thats ~ 17 + 3 for the preferreds, makes 20 billion for the shareholder old.
the same computation for the victims bondholders olds, ~20 billion at 70% (i assume, more bondholder did hold their bonds, like the american insurance), that makes 14 billions and over all 34 billions, jpm should pay for the old holders. make 40 billions with interests.
(if there are fines or punishment payments, thats a jpm shareholders problem)
now subtract this from the 104 billions, and you get 64 billions for wmi.
every cent under this number is a gain for jpm. and if this happens, wellcome in the criminal republic of the chicago policemens pension fund aka usa.
the link for the cayman doc: www.kccllc.net/documents/0812229/...
the link for the old one: messages.finance.yahoo.com/Busine...