IPM S-4 Registration of securities issued in business combination transactions

Exhibit 12.1

	Successor			Predecessor
	For the two months ended December 31, 2006			For the ten months ended October 31, 2006		For the twelve months ended December 31, 2005			For the twelve months ended December 31, 2004			For the twelve months ended December 31, 2003			For the twelve months ended December 31, 2002
Earnings:
Income from continuing operations before income taxes and minority interest	$	(89	)	$	9,165	$	(4,482	)	$	439		$	259		$	(2,329	)
Fixed charges (see below)		39			277		775			35			49			52
Amortization of capitalized interest		—			5		7			8			8			9
Capitalized interest		(2	)		—		—			2			(1	)		—
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges		—			—		—			—			—			—
Earnings, as adjusted	$	(52	)	$	9,447	$	(3,700	)	$	484		$	315		$	(2,268	)
Fixed Charges:
Portion of rents representative of interest expense (33%)	$	5		$	22	$	27		$	27		$	33		$	35
Interest on indebtedness, including amortization of deferred loan costs		32			255		748			10			15			17
Capitalized interest		2			—		—			(2	)		1			—
Total fixed charges	$	39		$	277	$	775		$	35		$	49		$	52
Ratio of earnings to fixed charges		N/A			34.1		N/A			13.8			6.4			N/A

Due to losses incurred for adjustments due to bankruptcy proceedings, we would have had to generate additional earnings of $91 million in the two months ended December 31, 2006, $4.475 billion in the twelve months ended December 31, 2005 and $2.320 billion in the twelve months ended December 31, 2002 in order to achieve a coverage of 1:1