Monday, July 09, 2018 2:22:02 AM
Yes I was aware but there was also a document that seemed to show that the bulk of the $33B in assets was from the abandonment of the WMB stock that generated the NOL benefit. Of this I am very skeptical but till shown otherwise, I can only rely on what that document stated and how it was interpreted.
QUOTE: -"Can you specify what is safe harbor assets?
-Prove any legal document that shows there is safe harbor assets filed by the debtors?"
-SH assets in 2008 were assets that were deemed to have been "sold" (transferred) from a bank or possible debtor to a bankruptcy remote entity (SPE). Thus if WMB or WMI "sold" any interests in assets that were pledged to 3rd party investors or in which they also retained an interest in to an SPE like WMAAC or WMMSC, those assets or interests were deemed to be protected from seizure by Safe Harbor.
-Safe Harbor assets can never be filed by the Debtor, once an asset is in the possession of the Debtor, it does not qualify for Safe Harbor protection and can thus be seized and sold to pay Creditors. SH assets are protected from the FDIC, Creditors and also the Debtor.
NOTE: There are several sources which seem to indicate that WAMU held Safe Harbor assets.
1) WAMU letter to the FASB. Here they stated that WAMU held Snr and Sub interests in MBS's. It was standard industry practice for companies to retain interests in the MBS's they sold to investors as a means of assuring them that their products were "safe" to invest in.
2) The June 30, 2008 WAMU 8K. Shows WAMU held $26B+ in Available For Sale Securities (AFSS). These were comprised of $18B-$19B in highly rated MBS's and ~$8B in investment grade securities. These were recorded <3 months before WMB was seized and were likely to be Safe Harbor assets that could not be sold to JPM. To date no further info has been available to confirm this.
3) The FDIC Inception Balance Sheet. Again it seems to demonstrate that the FDIC has retained $26.2B in WMB assets which were not sold or transferred to JPM. Due to the FDIC's mandate, these assets, if they exist, must be liquidated and distributed to eligible parties. Again the lack of info prevents this from being confirmed as 100% true.
FACTS...NOT EMPTY RHETORIC!!!
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