Right to hold the legal title (ownership) to an asset or property. A lender holds a legal estate in the asset mortgaged as collateral, while the borrower retains only the right of redemption. A trustee holds a legal estate in the trust assets for the benefit of its beneficiaries.
Estate may also refer to all the possessions which a guardian manages for the ward whose protection and administration of affairs they are responsible for. It may also mean the assets a conservator manages for a conservatee (a person whose physical or mental lack of competence requires administration of his/her affairs). Another usage of the term estate refers to a class of real property interest, such as "life estate," "estate for years," or "real estate."
Your guess is as good as mine. I can't find anything more specific.
I can see it either way. As I've learned time and time again here, my definition of things and the legal definition of things don't always sync up.
I didn't assume from the get go that "Estate" meant us as I was thinking more along with property, assets, subs... etc.
But for all I know you could be right.
The bottom line is, anything they get back ups our chances of getting paid. If the value of the estate reaches par and goes green, then we're in good shape.
But I really don't think the legal team was saying, "Hey, we're gonna clean house and make shareholders wealthy". The tone was more about the brevity of the situation and their belief that they will claw back as much value for WMI as they can... To what extent, no one knows.
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