Granted, the FDIC summary on WAMU hasn't been updated in nearly half a year, and using the word 'updated' is like saying hell hath frozen over......
The FDIC states (circa March 2018) that:
"......the Receiver paid JPMC $645 million and issued DBNTC an allowed unsecured receivership claim of $3,006,929,600 on September 8, 2017...."
and
".......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. This distribution represented approximately 95% of the receivership’s remaining total current assets. The allowed senior unsecured creditors shared equally (on a pro rata basis) in this distribution. The remaining funds in the receivership are expected to be sufficient to cover future expected and potential losses and expenses."
Sounds to me like the FDIC is the holdup. Sounds like DB received a partial distribution sliced from a pie shared with other creditors of WAMU. JPM of course is paid in full - and received fdic attention like a house on fire.... If you are anything - of legacy Washington Mutual ownership, you are last in line.
Its as if the FDIC is making installment payments to DB, and DB most likely is reimbursing themselves first, before downstream distributions to their constituents such as WMB bondholders.
Now 6 months later, who knows what that FDIC/DB disbursement schedule looks like......annually? bi-annually? quarterly? You haven't seen a distribution yet since March, so quarterly might be out the window?
Makes me wonder if all trusts are under the same heavy hand of the FDIC? And when it does start to flow, it'll be the same trickle released by the FDIC, as the other trust's strustees cover their last 10 years of expenses first, before legacy gets theirs.
