Mr Cooper Group Inc (COOP)

[fsshon]

Claw. WMI abandoned any claim to the FDIC-Receivership by abandoning the stock of WMB. Because WMI needed to abandon the WMB stock before the effective date, so they could book the 5.95 Billion in "unrestricted NOL's" they gave up any claim to the receivership. This is what we as shareholders of WMI who signed off on POR7 and went into the WMILT gave up to get this very valuable tax attribute to our assets. WMIH owns the NOL's "lock-stock and barrel, because the stock of WMB was abandoned prior to the effective date of exit from the bankruptcy it is unrestricted. Which means "no limit on its use."

If WMI had exited bankruptcy with the WMB stock in hand and waited on the FDIC receivership to close, they would have been limited to 5 Million restricted per year for NOL write-offs. I have been trying for years now, to tell this board. The only way these escrows are going to see any $$$ is to work through the claims process (tranches) and once THJMW disallows and/or allows certain creditor claims against the BK estate, the final tally will flow to the escrows. However, the PIERS have to be paid their stipend first and then we can finally get to the crux of the funds. I believe the POR set aside 2.7 Billion for these claims and stock of WMIH. I also believe Killinger will take #2 option instead of #1. If he does, then we are all in very good shape here.

The settlements are necessary to get these claims out of the way. I was hoping the D&O would give us more, but it is what it is,

Here is the excerpt you want.

The Debtors have determined that the WMB Stock is of no value to the Debtors' estates. The Debtors submit that the WMB Stock is illiquid and that WMB's liabilities significantly exceed the assets remaining in the Receivership. The Debtors also have considered the strengths and weakness of the pending WMB Stock Claims and the likelihood of prevailing thereon. Due to the complexity of the WMB Stock Claims, and the related litigation, the
litigation risks associated with pursuing such claims, and the insolvency of the Receivership, Debtors have concluded that the WMB Stock Claims have no realizable value. In addition, in contrast to the worthless nature of the WMB Stock (including the WMB Stock Claims), the Debtors may recognize potential tax savings from incurring a worthless stock loss deduction prior to the Effective Date.

By abandoning the WMB Stock prior to, but in the same taxable year as, the Effective Date, WMI and its chapter 11 estate will be able to recognize for federal income tax purposes the precipitous devaluation of the WMB Stock as a loss, a portion of which will not be subject to the annual limitation under section 382 of the Internal Revenue Code. Such as may be carried forward and potentially applied against income in futures years to substantially reduce the tax burden of WMI, as a Reorganized Debtor.

On the other hand, if the loss (estimated at approximately $5 billion) is recognized after the Effective Date, it would be useable annually only to the extent of approximately $5 million per year, at best (based on the resulting section 382 annual limitation).

Thus, the Debtors submit that authorizing WM1 to abandon the WMB Stock prior to the Effective Date will enable WMI to potentially recognize significant value from the worthless stock deduction.Consequently, the Debtors submit that advance authorization to abandon the WMB Stock, if and when WMI believes abandonment is appropriate, is warranted. Because the WMB Stock has no independent value, and likely will continue to be of inconsequential value to WMI's estate going forward, the requirements for abandonment are satisfied at such time as WMI may choose to abandon the WMB Stock. Accordingly, granting advance

In the event that WMI does not abandon the WMB Stock, and the Court approves the Global Settlement Agreement, on the effective date
thereof, the WMB Stock Claims (along with all the Debtors' other claims asserted against the FDIC) will be deemed released.

authorization to abandon the WMB Stock is not adverse to the interests of WMI's estate or its creditors, and is necessary to potentially realize the benefits identified above

Question: "When did THJMW sign approval of the GSA? and Abandon of WMB stock?

Thanks
Cheers
Blue

http://www.scribd.com/doc/42299211/Washington-Mutual-WMI-MOTION-TO-ABANDON-WMI-S-EQUITY-INTERESTS-IN-WMB