Those Bonds were issued long before the 2008 meltdown so obviously none of the Investors believed WMB would have ever ""failed"".
When it was offered the financial position of WAMU (WMI + WMB) was strong hence their investment in Unsecured Notes.
Once the FDIC came in and seized and sold WMB for a pittance, Investors got screwed.
The cover being the meltdown and supposed toxicity of the bank's assets, hence the low sale price.
THERE WERE NEVER ANY DIRECT ASSETS SUPPORTING THOSE BONDS AS WAS THE CASE WITH THE TPS.
What evidence has ever been presented that proves any bankruptcy remote assets still, or ever existed???
If such can be shown I will gladly recant all my previous claims/criticisms and start believing in our Markers once more!!!
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