The WMCT being a Creditor of the Debtor can be simply explained with the example of an entity that owns all the stock of Trust/Entity holding say $1000 in assets. If the owner decides to sell $300 worth of those assets as a fixed return investment to 3rd parties, they would automatically become Creditors of the seller. This does not negate that the owner still possesses $700 worth of assets thus being both a Creditor and Owner simultaneously.
Re the WMCT and Piers...I am yet to see a bankruptcy where a Debtor retains a substantial liability and allows the backing asset to be "gifted" to another non-bankrupt, reorganized entity. Then there's the issue of why WMIH has not publicly filed such assets since WMCT's dissolution, being a fully reporting entity. The theory that WMIH received WMCT's assets just does not appear to be plausible.
I believe once Piers are paid in full more light will be shed on this issue.
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