I get what the FDIC and JPM are "claiming"... but you still haven't addressed the issue. Whether WMI played a shell game is a matter JPM and/or FDIC should have to sue WMI over. Until they sue and win... the money is WMI's money. Period. JPM has requested a trial in order to prove just that... but what the FDIC threatened was to sieze the money if the judge denied JPM's request for trial and ruled in favor of WMI in the turnover action. That's THEFT, plain and simple.
Say I own a house, two cars, and a boat and I'm about to go into default on a loan where my assets may be seized. So... before I default, I transfer title of the boat and cars to my sister in order to protect the assets. Depending on the circumstance, that may have been illegal and the person I'm in default to may have claim to those assets. BUT he'd have to sue me for their value or sue my sister for the assets. He can't just go take them from her. Until he's proven he has a claim, taking them would be stealing... grand theft, even!
THAT's the issue. FDIC can't just go sieze the money from WMI if the judge turns it over to them without first proving they have a right to it. "Claiming" they have a right to it doesn't cut it in a US court of law... at least not the US I grew up in!!
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