Yes the trust has been open for a few years and there has been no $billion(s) suits filed to recover missing $billion(s), as some msg board posters seem to suggest----even the bk judge ordered litigation $$ and to date nothing?
That's all great info, however the facts remain: JPM purchased the whole bank for $1.88 billion in 2008, WMB bonds are still unpaid, and the funds are in deposit with the FDIC, and obviously its 2016!
The numbers I present are from the FDIC-R/wamu financial statements. I assure you it is real, current, and is posted on the FDIC website. This has been asked and answered before.
This is a very twisted statement. In 2008 WM had assets of 32 billion, and 8 billion of debt. Obviously this is what was originally reported in the filing. After time it was concluded to be financial "tweaking", as JPM got all the assets of WMB, but WMI still owned the stock that was worthless(as it was stolen and given to JPM); so the $32 billion turned into NOL, as the assets was gone......poof!
fdic says assets are 2.7 billion, and 13 billion of claims.....mathematics yields a minus 11billion!
the lt only has so much $$, its all filed in their financial statements on the wmitrust website. well thats if you can comprehend real life financial statements
When we(bondholders) get the rest of our money from the trust the money will be pretty much exhausted by bondholders and lt attorneys, there is no money left in the waterfall for old wmi bk equity. Sorry escrow the $$ is simply not there!
so the latest msg board theory is jpm paid creditors $7 billion......ROFL!
the lti would never get any of the $2.7 billion on the books at the fdic, until all obligations are paid including wmb bank bonds, db & jpm claims. as it sits now the fdic-wmi rec. is like -$11 billion in the red, so i would say never is the answer to your question!
the p & a contract says they bought the whole bank for 1.88 billion over 8 years ago....are msg board posters going to file suit over this, because the buyer and seller are, obviously alright with the deal
It seems msg board bagholders can't read the documents......they just babble about whatever! If 2 entities enter into a contract, and either party disputes any clauses, one would assume it is agreed upon, and third parties have no interest in said contract. It's been over 8 years and either party has disputed any clause. Just msg board bagholders?
more. msg board chibberish. ....per the fdic agreement (that has not been disputed by buyer or seller) jpm bought the whole bank for 1.88 billion! so what do you think msg board bagholders input actally means.....thats right none!
Is there any suits filed by the EC, the WMILT, or the FDIC? Can someone explain the lack of suits after 8 years after bk. Your right......nothing.
ASSUMPTION OF LIABILITIES
2.1 Liabilties Assumed by Assuming Bank. Subject to Sections 2.5 and 4.8, the Assuming Bank expressly assumes at Book Value (subject to adjustment pursuant to Aricle VII) and agrees to pay, perform, and discharge, all of the liabilities of the Failed Bank which are reflected on the Books and Records of the Failed Bank as of Ban Closing, including the Assumed Deposits and all liabilities associated with any and all employee benefit plans, except as listed on the attached Schedule 2.1, and as otherwise provided in this Agreement (such liabilities referred to as "Liabilities Assumed"). Notwithstanding Section 4.8, the Assuming Bank specifically assumes all mortgage servicing rights and obligations of the Failed Bank
The assuming bank gets the liabilities, and assumes a "book value" for whatever it is. Nothing more nothing less. Now keep reading:
The Assuming Bank has submitted to the Receiver a positive bid of $1,888,000,000.00 for the Assets purchased and Liabilities Assumed hereunder (the "Bid Amount").
The thing with contracts you have to read what it says.