Two totally separate issues are being melded together incorrectly. The WMILT is responsible for the $51 million owed to the Piers holders for them to be made whole. The $2.75 billion the FDIC claims they currently have will likely go to pay off Deutsche and Bondholders....not Piers.
Once Piers are paid and a few other issues/claims are settled, we (escrows) are next in line. If as many of us believe, when the FDIC ensures JPM pays "book/fair value" for the assets they acquired. Any excess to what is owed to Deutsche and Bonds will flow to escrows/shareholders minus FDIC expenses.
There is also the matter of former WMI assets illegally seized or hidden by the debtors, returning directly to the WMILT for our benefit also. This is all conjecture mind you since we do not have a wholistic view of what transpired and is still transpiring to this day.
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