The problem with WAMU is, they may have pierced the "Corporate Veil" that protects both parent and kids by commingling the books and having board meetings for both entities. The attorneys for JPM are arguing as such. WMI has to prove [by a preponderance of the evidence] that they purchased the assets with the parents $$$ or capital and not that of WMB. Tricky at the least, but easy to prove if WMI used Iron Mountain to keep copies of all documents, so the paperwork, titles and deeds exist. What do they say or list as the true owner of said real estate. This once again should be easy prove equity, which makes me wonder why we hired another accounting firm. Do they specialize in Real Estate transactions and resulting losses or gains?
I think the next ominbus Oct 28 briefs will address the real estate values and issues. Weil/Quinn is going to use the accountants and RE attorney's to address the continuing loss of value that JPM is causing WMI by illegally selling their assets. We should see a motion for a "stay" on all transactions until the court decides "what is property of the estate" as stated by THJMW in the June omnibus hearing. JPM should be held to account for all back monthly lease payments that are due the parent, if THJMW decides WMI owns the properties.
I think this is part of our next course of action. Wait to you see that side of the balance sheet. Diamond keeps saying WMI has more assets than listed, something tells me they are tangible! Think about it and start digging folks! This is what investors do to protect their investment and prop up their decisions. If its filed, then its obtainable.
~Fish~
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