Do you believe its likely that individuals can shield multiple millions in plain sight while all the while declaring bankruptcy?
Washington Mutual, Inc. (and WMIIC), the debtors that filed bankruptcy, were publicly held corporations; they were not "individuals." Given that fact, can corporations "shield multiple billions in plain sight? Yes, they can try (some succeed like KMart) but not in this case.In this case the point of the argument, disdain and disappointment in "the system" is because JPM got everything (WMB) for nothing ($1.9B). If so, how can it BOTH asserted that JPM got everything for nothing, yet claim the same assets are actually hidden and that is the culprit? IMO, this duality cannot be supported. IMO, JPM "stole everything," assisted by "everyone, everywhere," and it appears to me there is nothing left that can be done (although it would please me considerably for JPM and FDIC involved persons of interest were convicted of crimes and punished).
Do you believe its likely that with top notch attorneys and accountants they are will miss the several dozen legal ways to hide in plain site $350 billion dollars?
As per the duality above, the assertion of the brilliance of Susman supports various theories that transform in specifics and at the same time assert that "they missed $350 billion." And the $350 billion is a misplaced marker; total assets have nothing to do with NET ASSETS; one must account for the liabilities. The mystery, secret TRIAL BALANCE uncovered basically support the NET ASSETS of WMB in the $24 billion+ range and such matches closely with the WMB NET ASSETS reported by JPM in 2008-2015 (net of write-downs, asset reductions for negative good will and extraordinary gain from the balance of the negative goodwill). Failure to understand this flow of data creates a vacuum and asserts that such billions of assets exist; proof therein supported by the assertion that they exist because they aren't there. Simply hard for a reasonably prudent person to subscribe to such.
Believe what you read,
I read, and have read, almost all of the case documents "live." I might look back to refine an understanding, but in all such times it is a second look. This was primarily attributed to retail shareholders who established data and case information message boards during the bankruptcy and then an informed understanding of the source data and massive archiving, including ALL of the hearing transcripts. I DO NOT BELIEVE ALL THAT I READ. In fact, I didn't believe the lies the debtor was making about the value of the NOLs and encouraged Equity to fight the valuation and, in the end, "take the reorganized debtor using the debtors argument that the NOLs were "worth nothing."
I'll believe in common sense
As do I.
and follow the big players,
I pay attention to what the big players do, but I am not a follower in all cases. Anyone who "learned from WaMu about these big players, and then watched Einhorn plunge GMCR, would have been extremely rewarded by not following big money, rather going against the grain. Regarding that understanding with WMI, the big money BOUGHT DEBT and they have been PAID IN FULL, with interest. What is left outside of bankruptcy, in the FDIC receivership, in the form of Sr. and Jr. bonds, one is severely under face and the other is essentially zero. So, the BIG MONEY is not in the WMB bonds, which HAVE TO BE PAID prior to residual equity (WMI was the only shareholder) as the last class in accordance with the Act. So, combining "common sense" and "follow the big players" in this aspect, a reasonably prudent person could conclude that not only are the WMB Jr. bonds worthless and the Sr. severely impaired, that there will not be enough cash resources to pay them; and in line with the Act priority rank order, residual equity is expected to get nothing.
not board posters
I would agree, especially in regard to the expectations regarding the plausibility that escrows will receive anything from the FDIC (or from JPM, the formerly identified source of the windfall), while noting that the PIERS are being paid and WMIH has been capitalized; events that were not supposed to happen.
