~ LP, Yes', I Understand ~
Let me try ... although I always attempt to help ? ... It can be confusing' ... (as it was meant to be') ... and I am not proficient at this mb' (ing) as a discussion forum' ...
So, ... WMIIC was WMI's sub' ...
WMIIC filed for bankruptcy protection first ... no debt' no creditors' & as its own cash in its own WMB Account was scooped up as well ? no more cash' up to and until the next ABS Cert produced monthly distribution' was scheduled inbound' 10/25/2008
WMI specified; to be in a position to address ALL of it's creditors with 100% Cash' ... basically ? that ? is reasonably all that a BK Court aligned with a reorganization ? is interested in' ...
Pre-confirmation assets: $348,183,000,000.00
Reorganization value: $7,660,000,000.00
Pre-confirmation liabilities: $176,626,000,000.00
So, ... WMI owned WMIIC' ... WMIIC only dealt with the Asset Back Security Cert (Trust) produced "Cash" ... WMIIC never actually owned any of the Trusts nor' did WMIIC actually operate any of the Trusts' ... It's ALL Cash' ... (so, no operations and no assets, as reported ? is actually true')
So, ... WMI (now reorganized into WMIH-Corp) actually owns 100% of the Equity Interest in WMI Investment Corp' ... That ? refers to the WMI participation percentage of a loan to value accommodation' per Individual Trust' ... "Equity Interest" Is not Debt' ...
does that help ?
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