Country, now you are getting the actual, real and common sense understanding of what the Original Piers Planners (AAOC + others) were really after in their quest to Zero out Equity. These people risk their standing in society, their license, loss of career, loss of claim in total and of course, prison time. They did NOT risk all of this for tax attributes in a Shell Company. This is laughable at best!
The Hedge Funds were also labeled "Colorable" for Insider Trading by the court which basically means they are guilty and then subject to a prison sentence. This also explains why they agreed to a deal with Equity in a two month closed door Mediation Hearing with a special Judge in attendance.
When one understands the magnitude and the personal risk these people accepted without much thought as they tried to zero-out Equity, then one begins and/or understands what was really at stake. And yes as listed on a recent FDIC document a figure of 299 BILLION, YES, the FDIC has listed 299 BILLION in WaMu assets.
And no, it is extremely naive, misunderstood and totally preposterous to think JPM got all of this for a trivial amount with all the evidence that has been shown. This was nothing more than a Fifth Amendment Taking by the US Government and this will be repatriated with the original owners of the former WaMu Estate which are those investors who hold Escrow Shares. This is my view based on all of the factual court filings in this case.
Keep in mind, holding Escrow Shares means one invested in former WaMu Equity, timely exchanged former WaMu Equity for NewCo/WMIH shares and Escrow Shares and of course SIGNED TIMELY RELEASES by the deadline of around 2/8/2012.
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