Believe it or not, the theft of WAMU was done ... legally by the government. Alright it was unethical and dirty but it was done legally.
So the charter of FDIC is to protect and ensure the bank account holders. I don't remember the exact details but back in 2008, there was a bank run at WAMU due to the (fake) rumor that WAMU may go bankrupted and the government didn't give WAMU the help they seeked although they gave it later to other banks. So the FDIC was legally allowed to seize WAMU, although we can argue about the motives.
Fast forward to between 2008 and 2012, the EC and Susman were busy fighting with the HF for the control of the Estate. Nobody knows exactly what is left in the Estate except the EC and Susman, the HF and Rosie and their band of lawyers of course.
Then in 2012, Susman and the EC won the control of the Estate in exchange of forgiving everyone, from JPM to FDIC to the HF. and all stocks were canceled and there is zero liability and zero claim from the EC toward anybody and we just take what is left in the Estate after everybody is paid.
This was all done legally.
Fast forward from 2012 until now, we received nothing while the trust spent tens or hundreds of millions more to count something. If there is nothing, they could have declared that there is nothing left in the Estate and then distributed those tens of millions to the SH and then called it quit.
So from a legal point of view, we have nothing to fight against JPM and FDIC since we signed the release.
The only recourse we have is if we get absolutely zero or near zero, any low key lawyer can mount a successful class action lawsuit against the Trust, Susman, AMM, Rosie, all the lawyers who milked our last dollars in the last 6 years. But if we are paid let say just 1B or a few Billions then it is hard to sue them for incompetence and fraud.
For us, it is fairly obvious how to take care of ourselves and get some recovery. Let say if you have 50K of WMIH shares, if the stock goes to 10 then you get half of a million. Now if you get hundred of thousand or a few millions from escrow then it is extra.
But don't sit there and daydream about the illegal and impossible things like preferred still collect dividends or commons will have the Estate worth trillions of dollars.
