Here is the current estimate for the Preferred’s(in millions)(I have left small amounts out of the computation)
Cash(JPM conceded ownership)……....4,572
Restricted Cash………………………………..........96
Investment securities……………………….......68
Cash Surrender Value of BOLI (50%....45
American savings Litigation…………….…...55
Visa……………………………………………….….............50
Investment in Subs (these are ???)……….0
Intercompany Issues………………………........179
WMI Investment cash……………..……......….274
WMI Other investments……………………........58
Subtotal……………………………………………..…...........…5,397
Add
First IRS Refund (30% per MOR)………...780
Used lower end of range
Second IRS Refund(40% per MOR)…...1,040
Subtotal……………………………………………….…...........7,217
Less liabilities
Senior Debt…………………………………….........4,132
Sub Debt………………………………………...........1,666
Junior Sub Debt……………………………….........765
Accounts Payable………………………………….........4
Payroll and other accruals…………………...493
Subtotal……………………………………………………...........7,060
Leftover to Preferreds………………………………………....157
This is about 5% of face or $50 for p’s or 1.25 for k’s.
This is conservative and should have some upside for:
-additional IRS refunds
-cash generated for subsidiary asset sales.
Since we do not know how much of the First IRS refund of $2.6 billion, we have no way of knowing that the Tax Receivable of $475 is duplicated. So I have not included the $475 that was in the MOR. I would expect that 10% to 20% ultimately is the paid value.
I attribute no value to the claims as they will NOT be considered. If you think they have value, keep buying.
So for you commons, unless the claims become cash by 3-26, you are out of luck.
Sandiegodave1976
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