Of course there are common shares in subsidiaries. THe common stock of WMBfsb was 100% owned by the seized bank, and ended up in the hands of JPM who apparently "merged" the assets into JPM but not the corporate entity WMBfsb itself. I do not recall WMI or its lawyers anywhere ever even hinting the common is to be cancelled!
On a related note, the tax sharing agreement is missing a very important paragraph. It doesn't say that the agreement inures to the successors of any of the parties. Wamu bank, and WMBfsb are non existence. Their assets went into JPM but that doesn't necessarily make them a successor. And even if it does, looks like the tax sharing agreement terminated upon the bankruptcy filing.
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