WaMu, one of the Eight Surprising M&A Candidates

by Zagros on June 29, 2020

Eight Surprising M&A Candidates
By Dan Freed 06/28/10 - 01:47 PM EDT

Stock quotes in this article: C , WAMUQ , BDE , CIT , SNV , HOV , F
7. Washington Mutual (WAMUQ.PK)
Tax asset: Estimated at up to $2 billion
Tax-free earnings potential: $5.7 billion
Estimated profitability: N/A
Comment: When the holding company of Washington Mutual emerges from bankruptcy, it could have up to $2 billion left over to offset taxes on future profits, according to estimates by both Willens and Kevin Starke, an analyst at CRT Capital. WaMu may also be able to claim a worthless stock deduction of more than $20 billion, though there are a lot of vagaries around this issue.
One investor likely to own a stake in a restructured WaMu who declined to be identified says that while he is aware of the possibility of using WaMu to roll up other companies to make use of the NOL, it isn’t at the top of his list of priorities. He isn’t sure the potential reward from implementing such a strategy makes it worth the expense, he says, noting he is more focused on trying to squeeze all the money he can out of the bankruptcy case, which is still ongoing.

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