WMIIC was a co-debtor, not eliminated...
...then, nor now.
...the term "eliminated on consolidation" refers to, when presenting CONSOLIDATED financial statements, GAAP (Generally Accepted Accounting Principles) require that wholly-owned subsidiaries are reported in the CONSOLIDATED financial statements of the PARENT. The reporting is NOT for each subsidiary, rather, the accounts of the subsidiary (starting with intercompany balances and transactions) are eliminated in an ACCOUNTING ENTRY PROCESS in order to report CONSOLIDATED financial statements.
...it is an ACCOUNTING term.
...it is not a LEGAL term; the subsidiary is NOT ELIMINATED as a legal entity.
...WMIIC has no assets, as a co-debtor, it's assets (primarily investments) were all liquidated to pay creditors. This is the practice in BANKRUPTCY. It continues in WMIH as a wholly-owned subsidiary with no assets or liabilities or revenues or expenses. It is an available 'shell for future purposes.
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