WMI was a Holding Corp,
not a Bank Holding Corp. Therefore the FDIC had no oversite of WMB. Yes WMI bought FDIC Depositor Insurance and met all FDIC insurance guidelines.
WMB had a Tier 1 rating of 8.7% before the seizure. JPMC was about 3.5% from JPM's own 2009 10-K.
WMB was a 5AT, see #5885 Foot note 2 (yes I know you don't read footnotes). Due to the Fact of WMB being an improper seizure, WMB needed to become a true sale. WMI became a willing seller. The Final Price needed to be determined.
The CA Probate Court settled the means and methods for responsibly of 'put-backs' to the ABS Trusts. Pre-seizure 'put-backs' are subtracted from JPMC's bill for "WMB and it's assets". The 'put-backs' post seizure are JPMC's responsibility to the Trusts.
Because WMB became a true sale, there is no Golden Parachute issue, and therefore we have a clean CIC between WMI and JPM, with FDIC as a broker for the transaction.
We await "the Final Payment" to WMI from FDIC's for "WMB and it's assets".
Hopefully CIC distributions start s@@n.
GT is on the Docket for closure on 8-31.
We await the Employee Claimants CIC-SJ.
Then all claims against the WMI Estate are closed and ABS Trust distributions can start.
HLCE,
Ron
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