They are attempting to determine if those things claimed in the court filing (Washington DC) belong to WMI or to someone else (WMB).
The filing isn't just about the claim on assets that WMI says was taken, i.e. the $4B deposit. WMI is ALSO saying in that filing that the FDIC seized WMB and gave them a paltry $1.9B rather than allowing them to liquidate (or sell) the bank to gain adequate value. THAT VALUE they felt they could have received for WMB is what also needs to be determined!!
We ALL UNDERSTAND what the purpose is of the Delaware bankruptcy court but with Judge Collyer staying the FDIC case, she is allowing them to work out these issues in Judge Walrath's court or return to her court for a Jury Trial.
************************
Count II
Dissipation of WMB's Assets
85. Rather than a straight liquidation of WMB's assets, the FDIC entered into the Purchase and Assumption Agreement with JPMorgan Chase, described more fully above, for the purchase price of $1. 9 billion.
86. On information and belief, the assets of WMB sold, less the liabilities assumed, were worth more than $1. 9 billion, had such assets been liquidated in a prudent and reasonable manner.
87. On information and belief, Plaintiffs will not receive payments from the Receivership for their Claims that would be equal to or greater than the payments for that Plaintiffs would have received had the FDIC conducted a straight liquidation of WMB's assets and liabilities (and had the FDIC not improperly disallowed Plaintiffs' Claims).
88. The FDI Act requires "the Corporation [to] conduct its operations in a manner which ... maximizes the net present value return from the sale or disposition of such assets .... " 12 U.S.C. § 1821(d)(13)(E)(i).
89. By failing to liquidate WMB in a manner allowing WMB's creditors and other claimants to recover what they would have recovered in a straight liquidation, the FDIC breached its statutory duty to maximize the net present value of WMB's assets.
90. The FDI Act further provides that "[t]he maximum liability of the [FDIC], acting as receiver or in any other capacity, to any person having a claim against the receiver or the insured depository institution for which such receiver is. appointed shall equal the amount such claimant would have received if the [FDIC] had liquidated the assets and liabilities of such institution .... " 12 U.S.C. § l821(i)(2). Pursuant to this provision, the FDIC is obligated to pay damages to Plaintiffs equal to the difference between what Plaintiffs would have received in a straight liquidation of WMB and what they actually received.
Count III
Taking of Plaintiffs' Property Without Just Compensation
Count IV
Conversion of Plaintiffs' Property
WHEREFORE, Plaintiffs respectfully request the Court to grant the following relief:
5. Enter a judgment against FDIC-Corporate and FDIC-Receiver for damages, in an amount to be determined, equal to the amount of money Plaintiffs would have received in a straight liquidation of WMB' s assets and liabilities less any amounts actually received from the Receivership;
6. Enter a judgment against FDIC-Corporate and FDIC-Receiver for damages, in an amount to be determined, equal to the value of Plaintiffs' property converted by the FDIC;
//
