Yes it is possible these assets are not Trust held assets but rather the Available For Sale Securities reported by WAMU in it's 2008 10Q and held by the company.
However, since the majority of these assets were MBS or MBS investments they may still be considered SH assets once a "true sale" was completed.
The WMB Bonds could be paid from SH assets "IF" there were revenue sharing agreements between WMI and WMB. This would entitle WMB to a share of the cash generated by any BI's held by it's SPE subs.
This is very plausible since WMB, being an OTS regulated entity, required funding guarantees that were meant to limit it's exposure to liquidity issues and maintain capital ratio requirements.
Also the FDIC holding these assets as a conservator (FDIC-C) does not constitute a seizure of SH assets. As long as the assets or liquidated benefits return to their rightful owners, this is not an issue.
SH rules would have been broken if these assets were sold to JPM by the FDIC or they were allowed to be seized and sold to pay WMI's Creditors.
NOTE: Since there is no breakdown of what these assets are or if they are actual assets and not just an "asset write-down", it is difficult to make any reliable assertions. In addition to this, the Trusts could be holding assets in which WMI/WMB may hold a stake in the form of Notes/Paper that returns cash. All being sequestered until they can be legally released. We just don't know either way for sure and anyone who claims they do is not being forthright!!!
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