Just as the FDIC could/can not take property of others, No schedule 3.1a with in the P&A nor can they take and sell the “and other assets” This is precisely what the WMI POR does. Also as within the P&A neither party is or has the capability to absolve nor release the other party from Its unlawful act upon a third party not part of the agreement.
In its latest letter to the shareholder JPM states it received I believe 264 billion dollars in asset value in the acquisition of WMB. In the letter from the OTS it is stated that WM was a 307 billion-dollar institution. Subtracting one from the other leaves 33 billion dollar that has seemingly disappeared into the night.
This is shown to be very close with in the WMI voluntary filing for bankruptcy signed by Brian Rosen his self where it states.
a. Total assets $32,896,605,516
b. Total debts (includingdebts listed in 2.c.,below)
$8,167,022,695
This is enough to cover the debt and the professional fees to date and still leave roughly 24 billion dollars in the estate at this time.
I would make just I guess here but I would say that is enough for something to trickle down to the common share. I would also say that means we are entitled to see just exactly why there is no money for the common share.
Any thing less is bankruptcy fraud and will require an examiner no matter how upset and panicky Chiron gets.
Look even if the POS POR is accepted I am just going to use it as the most excellent buying opportunity ever offered.
I now see where some on the preferred boars are saying that the P’s can or will convert to common shares that is just not going to happen, that door closed long ago. Because P & K must be treated equally the P’s can not convert unless the K’s convert, there is no provision for the K’s to ever convert and no lawful formula to determine a rate for their conversion. Because the K’s are only payable in cash so must be the P’s, the P’s must be paid in cash or cash equivalents or assumed at the same rate provided to the K’s.
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