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My calculation of the worst case scenario for BAC

|Includes:Bank of America Corporation (BAC)
Here is the worst possible scenario for Bank of America as I see it. BAC may be forced to raise another 20 billion to deal with ongoing claims. Say they issue 4 billion new shares at $5 each. The brings the total count to 14.3 billion outstanding shares. Present TBV of each share is $13, after the capital raise (131.69+ 20)/ 14.3 = $10.62. 
I am generous now, and assume another 20 billion in mortgage losses..TBV in that horrific nightmare scenario will drop to appr $9 TBV per share. Remember, most bank trade at 1.6-1.9 times per TBV, and here we get upper teens. Also note, that in that "worst" case scenario, BAC will become clean bank with earnings power of $1.4-1.6 ps. Anyway you slice it, BAC is worth at least $ 15-17 per share! I am buying more! We need CEO to step out and provide some guidence before BAC crashes to $3-4 mark and capital raise may become extremely painful to shareholders! 

Disclosure: I am long BAC.
Stocks: BAC