... Cura', I See This as a Multi Issue Event ...
let's see' ... Many of the original Washington Mutual Parent Corp owned "Trusts" (illiquid assets) maintained their registration and operations out of The State of Delaware' ...
as previously discussed' ... The State of Delaware, maintains the availability of legally issuing and operating "Complex Trusts" like no where else on the planet earth' ... The "Trusts" (illiquid assets) continued to be registered and owned via the sub WMIIC' ... This was a WMI Parent' function going way back in time' ... WMIIC has always been registered as a Delaware Corp and sub of WMI' ... now, as a sub of WMIH-Corp' or a continuation as the offspring of Washington Mutual via a reorganizational and settled' result
SO STOP FOR A SEC'; (WMIIC(s) cash' along with everyone else's was kept at WMB and scooped up at seizure on the 25th' (reference "Landefeld") ... also ... the WMI parent corp owned Trusts' held within WMIIC on the 25th' were seized and the necessary servicing (mortgages) went to JPM' ... which lead to WMIIC(s) filing on the 26th (the day after) revealing' NO Debt' No Creditors' and between $500 m and $1 billion $'s worth of short term ... the long term Trusts' had been scooped up in the seizure')
... So' back to your question ... WMIIC has always been a reality of value' from the very beginning ... once the new company reorganized' ... WMIIC had always been in Delaware' (along with the WMILT) ... and WMIH reorganized in The State of Washington' ...
Now' ... here is where I may become confusing, but stick with me' ...
According to Delaware Law' ... a parent can move to within one of it's subs' or vice versa' ~ either is Okay' ... In Washington, a sub can only move to within it's parent' ... So' ... WMIH-Corp had to move to where WMIIC and WMILT are and have been' already registered ? and, and, and,' ... WMIH-Corp needs to be able to move to within its own sub WMIIC ~ not the other way around' ... WMIH-Corp is nothing' ... WMIIC is where the goodies are' ... (my conclusions and opinion)
So, ... have we been notified via an 8-K of a material event yet ? ... NOPE' NOT YET'... so far ? everyone is just in a place where it can all now happen legally' ...
AZ
