You are confusing WMB (the bank) with WMI (the holding company)
No, you need to read the article or the prospectuses.
Yes, you are correct that WMB sold the loans to investors through an off balance sheet trust created by a WMI subsidiary. Since WMB no longer owned these loans, JPMC could not have bought them from the FDIC.
I never said JPMC bought from the FDIC. In the POR and GSA
the parties agreed that JPMC got ownership of the preferred shares of these particular trusts. The original investors in those trusts relinquished those shares in excahnge for WMI preferred shares
Now, WMI, as a holding company that also owned the securitization company as a direct subsidiary, was on the hook for bad loans according to the details of the trusts and had to own a percentage of each of the trusts in order to comply with this requirement.
How does this change the fact that JPM got ownership of these particular trusts?
WMI’s off balance percentage of a stand alone SPE Delaware Trust could NEVER become the property of JPMC through the FDIC seizing WMB, nor could it be part of the bankruptcy until and if it received payment from the trusts prior to or during the bankruptcy. Never said it did, see above.There are trigger clauses that protect the corpus and the potential disbursements of the trust in the presumed unlikely event of a bankruptcy. And yet you ignore the only important fact that because of the seizure a mandatory exchange event was triggered causing JPM to end up with ownerhip of these trusts.
So, those are the facts.[color=red][/color]
You are also confusing Preferred shares of WMI with preferred shares of WMB, which never existed because WMI owned 100% of the WMB stock. You are confused. These particular trusts had there own preferred shares which were exchanged for WMI shares. WMB only had common shares.
WMB was never publicly traded.
Banks never are, only Bank Holding Companies like WMI, are publicly traded.No relevance to the matter being discussed.
