Correct Doc, Capital Trusts are Backed with Assets.
Assets-> Capital.
Hence; Capital Trusts!
ABS -> Asset Backed Securities.
The losses are covered by derivative insurance contracts as required by the prospectus.
My WMI Series R and Lehman’s Preferred’s of the same type are also protected by derivative insurance contracts covering the trusts losses.
These Preferred’s made three payments a year.
Two interest payments and one performance payment at the end of the year.
Due to the bankruptcy proceedings, the interest payments stopped for good, but the performance payments continue based on the Trusts assets performance.
I’m expecting 2.2X face value on the WMI Series R based on the accumulation of performance payments.
Yes I have done the math, and proven two different ways.
Yes the government/regulators are sitting on our money.
Ron
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