OK, so I’m not as much of an expert on this stuff as some of you who have spent countless hours, but
Correct—WMB was the bank subsidiary that FDIC seized and sold to JPMorgan in 2008. WMI, the holding company, filed for Chapter 11 bankruptcy the same day. That’s not in dispute.
WMI’s remaining assets were addressed through the bankruptcy process, which concluded in 2012. Any claims to illegally taken assets were handled (or dismissed) during that case.
Escrow shares (old WMI preferreds and commons) were extinguished as part of that settlement. The bankruptcy court reviewed and approved the Plan of Reorganization, which said explicitly that those equity holders would not receive any recovery.
True or false?
JHD
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