This is why I think the payment of the 3.9 billion of Cayman preferreds well be in limbo until the Court decides if the receivership was lawful and necessary - which is what caused the exchange to WMI depositary shares to automatically happen.
Which brings up, I thought the 1.9 billion was being held by the FDIC. Wouldn't that be WMI's and be added to the assets? Or is it already added in? I mean, that would be another 2 billion towards A>L.
DudeBug.. The "fire-sale" money has not gone into WMIs account yet. The FDIC is still holding it and that would come into everyones attention once the DC court starts up with full steam after Walrath has sorted out the assets. The fradulant transfer claim is for 13 Billion and if FDIC is found guilty (Sheila Bair conspiring with Dimon and leaking info and undermining the bidding process) it could be 3X damages and that would be $39 Billion directly going towards shareholders equity. This might take a while and may not happen if JPM settles with WMI but if this ever happens... how I wish.. :)
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