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Thursday, September 14, 2017 8:04:27 PM
happened on June 1st.
CIC happens when "the Final Payment" is made, just like when you make the final payment on a car loan you get the Title to the car, signifying the CIC in ownership. Before your final payment you only had "Equity Interest" in the Banks car.
JPM now owns title to "WMB and it's asserts". WMI only release the "Equity Interest" in WMB to the FDIC which resulted in a CL/NOL.
Now that "the Final Payment" has been made to WMI. WMIH will 'book' the Capital Gain, and the NOL's go away.
We don't know the exact 'then' the money comes, but we know FDIC must make Dividend distributions at the end of each quarter.
September 30th is the end of the third quarter. Dividend distributions after the forth quarter will violate the five year CL/CG Tax attribute, and WMIH would have to pay the tax on "the Final Payment".
ABS distributions is a different source of funds coming, and not part of "the Final Payment".
HLCE indeed,
Ron
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