Quote..."if so, doesn't it go to zero when the assets are removed?"
IMO yes. It's very similar to the WMI/WMB relationship where the FDIC seized the WMB Asset leaving WMI with only the worthless Equity Interest, which they subsequently "abandoned", thus generating the NOLS.
If the LT had not specifically claimed ownership of WMIIC's assets, then WMIH's Equity Interests would be valuable but this is clearly not the case. I personally don't see how this is beneficial to WMIH.
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