Sunday, October 08, 2017 12:49:50 PM
I believe WMI would have transferred assets to WMIIC as it seemed to be their Investment Management Vehicle.
In such a case, how would WMIIC's assets be treated post bankruptcy with regard to the WMILT and WMIHC?
It was specified (in an LT MOR, not sure) that WMIHC owns the Equity and the WMILT owns the assets of WMIIC.
In addition there is the "No reversion (of LT Assets) to the Debtors" clause in the LT Agreement.
I honestly believe we're sill missing a lot of important pieces here.
Comment:
WMI is the parent and thereby have ownership rights to all the assets of it's children, namely subsidiaries. Holding companies are the "Gem" within it's conglomerates. Their survival is dependent upon it's revenue of it's subsidiaries. The courts know this and will support this ownership position.
On another issue,do you think that by WMI having abandoned it's stock in
WMB as worthless will remain worthless? I don't. This was an astute move. By doing so, having this on record within the bankruptcy, any value that returns will not be an assets of the bankruptcy estate and whollly retained to WMI.
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