Quote: "WMI is a holding company that conducts its operations through its operating subsidiaries and relies primarily on dividends and proceeds from intercompany transactions and loans from those subsidiaries to meet its obligations for payment with respect to its outstanding equity securities, any and all of which may be subject to contractual restrictions and regulatory restrictions. Accordingly, the Series N WMI Preferred Stock (and thus the Depositary Shares) will be structurally subordinated to all existing and future liabilities of WMI’s subsidiaries, including WMB. Holders of Depositary Shares should look only to the assets of WMI, and not any of its subsidiaries, for payments with respect to the Depositary Shares. If WMI is unable to obtain cash from its subsidiaries it may be unable to fund dividend payments in respect of the Series N WMI Preferred Stock."
If we are to receive more it would have to come via those inter-company claims with Subs that JPM did not acquire but rather remained with the FDIC IMO.
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