And what if we (the believers, including me) were wrong all the years? I still say the logic and DD implies there MUST be something left over. Not in the hundreds of billions, I've never said that, but in the range of $10 to $30 billion which is absolutely reasonable for me.
Rosen said, the "fulcrum securities" were the PIERS, no money left for equity. We didn't want to believe it (including me), it seemed like a plan to slaughter equity and give the reorganized WMI to the hedgies, but from WMI's point of view that could be correct. The FDIC took WMB, WMI's bank and probably did not try to maximize the value of the assets, and gave it to JPMC for only $1.883 billion and JPMC later found out that the assets are more worth than they paid for. Too late and too bad for equity.
The WMI-LT says there is no money. Correct, because JPMC got everything... The FDIC says there is no money. Correct, because JPMC got everything...
Everything was a big scam!
I still think there is a chance to get more than a few cents for Us (and more than $7 for Ps), but it is more than 10 years since they took WMB and we got NO money up to now, only WMIH shares (now COOP)!