1) No audit opinions have been pulled at this point in time. The only real statements that have been withdrawn is that the fourth quarter results did take a hit of $18 million over what was initially reported. I'd say that people who bought between 1/25/11 (initial release) and 3/16/11 ("final" amounts) have a really good case with regard to the securities litigation.
I'm less sure about the buyers before that time but at least one lawsuit is going back to March 2010.
2) So there are damages that will have to be paid. I'm not sure of how bad they will be but I've never seen a settlement that hurt shareholders. After all it wouldn't make sense to take money from those who held shares from many years ago and give it to those who bought in that two month period where the $18 million loss was understated. It always seems like insurance covers a good chunk of these claims but I'd welcome any feedback on this.
3) Would sure hate to see Deloitte pull 2010 or any prior audit opinions. I don't think that likely but it would scare the crap out of me.
4) Private placement. One reason to do a private placement rather than offering shares to current shareholders and depositors as I have advocated is that it creates a lot more paperwork and risks under the securities laws. When I've seen the secondaries made available to common shareholders and depositors they were banks that were smaller than WIBC that qualified for exemptions.
5) I said that Morningstar said buy at $3.50 the other day. I was incorrect; it was $3.00 not that I give a rip at all what Morningstar has to say about a shares value.
6) Will Korean depositors take their money elsewhere as a result of all this? Deposit base is important.
7) Why would anyone buy these shares at close to book (I still say that DTA should be included) when there are lots of others selling at close to book?
8) Could they sell the stock to a company that has more capital? At this point in time it seems like they are damaged goods and should sell. Maybe I'm wrong and the franchise still has value.
So this is nothing much more than a rambling post about nothing so far. Helps me think so I'll hope you will excuse the exercise.