From what I recall in the FDIC rhetoric in the courtroom a very time long ago, they mentioned they would first need to satisfy the bank bondholders before they could satisfy the corporate holders. Bondholders in WMB came first in recovery for bank related issues.
The only reason we had a recovery (shares in WMILT) is because the "insider trading charges" had legs and involved some pretty powerful funds. As for WMILT, they are involved with something that is a totally different litigation strategy.
FDIC has always said they want to make the Bank Bondholders whole. i.e. Why they never released excess funds to WMI. FDIC actually broke the banking laws and seized the corporation that owned the banks. They took over WMI and gave operations to JPMC. We never knew that, we thought they only took the banks.
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