SH assets ARE NOT protected from bankruptcy procedures based on the WAMU FASB letter and SFAS 140 as applicable in 2008. ok gotcha question are you saying any such SH assets were already used up? i.e. as they were not protected from the 11 proceedings they are 100% gone? are there any SH assets remaining? And … in context of above --- if the debtors and debt is paid off and there are SH assets left - what happens to that money?