WMIIC was a direct sub of WMI,...that means WMI owned 100% of the assets of WMIIC. WMIIC filed for bankruptcy separately, with no Creditors, to protect it's assets from the Creditors of WMI, nothing more. Remember the LT's claim?..."the WMILT owns the Assets of WMIIC, while WMIH owns 100% of it's Equity Interests."
If WMIIC's did not file for bankruptcy separately then it's assets could have been liquidated by WMI's Creditors at firesale prices to pay their debt claims. These attempts to create a false image of WMIIC being wholly independent of WMI are nonsensical.
What you are insinuating is that the parent co. has no control over it's wholly owned, direct sub's property...good luck with that theory.
Quote: "Bk #1 WMIIC is owned by those who own the related Securities, or Trusts."
I've posted the excerpts from the POR multiple times but am yet to receive a response from any ""expert"" as to what it means. They state categorically that ALL Commons, Prefs, REITS and ALL associated documentation were CANCELLED!!! Why is that not being addressed?...could it be because it does not fit the narrative???
WMI nor WMIIC ever owned the actual securities issued by or the actual Trusts, since Trusts are wholly independent entities for obvious reasons. The Master Trust (SPE#1) deposited the assets into the Grantor Trust (SPE#2).
The Grantor Trust then sold Participating Interests to investors with the Master Trust retaining a percentage of the Participating Interests (eg 10%, 15%, 20% etc).
The cash flow that was generated was passed to WMI, possibly through WMIIC, as they held the Beneficial Interests to those Participating Interests via a documented inter-company arrangement (VVIP IMO).
By doing this the actual assets remained isolated and protected from seizure by the FDIC or Bankruptcy Creditors since it was a cash flow, rather than a tangible asset.
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