Wednesday, September 27, 2017 6:06:47 PM
The Balance Sheet; "As of June 30, 2017, the Receiver had approximately $2.76 billion to distribute to holders of claims allowed by the receivership"
How can the FDIC-R pay all; "After paying JPMC in full, the Receiver made an interim dividend distribution on September 26, 2017, on all approved senior unsecured claims of the receivership, including the claims of DBNTC, general trade creditors, and the WAMU senior bondholders." with only $2.76B?
$6.45MM + $3B + other Stuff = is greater than $2.76B. The Math don't work.
"The resolution of WAMU through the P&A Agreement was completed at no cost to the Deposit Insurance Fund." can only happen if "the Final Payment" was made to FDIC-C, which happened on June 1st, 2017 but not reflected on the FDIC-R WaMu Balance Sheet.
The Balance for claims was paid from FDIC-C money transferred to FDIC-R within the Reporting dates of "As of June 30, 2017" and the next Reporting date.
"The Receiver anticipates that it will make a final distribution at a later date. It is unlikely that the Receiver will have sufficient funds to distribute to holders of receivership certificates issued to WAMU subordinate note holders or equity holders." This is a true statement "As of June 30, 2017". Distributions to "WAMU subordinate note holders or equity holders" happens in the following month.
Ron
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