bban and other escrow lovers, have you ever traded bk companies in the past, do you understand the waterfall analysis and what it represents. Have you ever read a trustee report other than for wamu.
The trustee has one role and one role only, to determine the current liabilities, current assets and claw back potential. Claw back is the critical part. In every bankruptcy I have traded/invested (dozens) the trustee discusses what they are going to do to maximize return to bond holders/creditors/shareholders. Either through investigating and identifying where assets may be hidden or through lawsuits filed against those that may be hiding them. Every month or quarter depending on the bk, the trustee submits a report. Why is there zero talk from the trustee about claw back potential, zero talk about investigations regarding additional assets they are going after, zero talk about lawsuits the trustee has filed or plans to. Why is that, it's been years, surely 10s of billions are not that hard to hide. If there was a huge asset pool waiting to be delivered to escrow you would already know about it.
The only reason I will not "sell" my escrows is because there is a slim chance that if wmih becomes very very successful years down the road that the bod will "gift" wmih shares to escrow holders based on what they may have lost, ie, give them a percentage of their losses back in wmih shares.
Why do I continue to periodically post rational thought to the 10-100 billion plus dreamers club, simply so mom and pop escrow holders better understand that the likelihood of a huge return is slim and they should strategize better ways to make money then to wait for the dream to happen. One way would be to invest through dollar cost averaging into wmih. The odds are way better than for then to make millions on their escrows. It's not to late to start.
All in my opinion and mine alone.
OH, one more thing regarding trustees and the length they will go to find assets. I was involved in a situation where a company went bk and the trustee went all the way to Turkey to try and claw back real estate that was purchased before the bk. What has the wamu trustee done, hmmm, hopped on a plane or walked down the street to talk with jpm or fdic, probably not, if he did, it would be public record and we would know about it, that's their job to communicate to those owed money.
AI
