Mr Cooper Group Inc (COOP)

[bkshadow]

Waterfall $78 Million - Tax Refund Status...

...everything works out well.

...updated for mordicai link to the US Court of Federal Claims 'loss on one of the two aspects of the H.F. Ahmanson & Co tax refund requests (for losses on intangible assets via acquisitions then abandonments); although the WMILT (via WMI as successor to H.F. Ahmanson & Co).

...this was one of the outstanding tax refund matters per the WMILT QSR.

The remaining Court of Claims actions are being litigated in a trial that commenced on February 16, 2016. The evidentiary portion of the trial concluded on March 4, 2016. The trial was recessed in order for the WMI Group and the government to prepare and file post trial briefs. All parties completed and filed their respective post trial briefs and the trial concluded on November 7, 2016. A decision has not yet been issued by the Court of Claims.

...so now we know the tax refund request (for the that portion of the loss on abandonment by H.F. Ahmanson & Co) was dismissed.

https://ecf.cofc.uscourts.gov/cgi-bin/show_public_doc?2008cv0321-336-0

...the other matter WMILT prevailed as noted in the QSR and has already been awarded.. The attorneys apparently were quite smart to bifurcate the case into two separate matters (could have been based on risk of having one less likely issue taint the more likely one and holding up the award on that).

In the Court of Claims actions, the IRS and the WMI Group have reached a settlement with respect to the portion of the Court of Claims action dealing with the acceleration of recognition of certain income into the 1995 tax year. The Trust filed its motion for approval of the settlement by the Bankruptcy Court on April 23, 2014. On July 21, 2016, the IRS paid $101.0 million into the Tax Refund Escrow attributable to the settlement. The Trust is entitled to 20% of this refund pursuant to the GSA, or $20.2 million, subject to holdback to fund other tax litigation or exposures.

...so the question is 'how much was the fair value measurement of the tax refund request by the WMILT @ 20% sharing per the GSA was included in the $24M tax refund estimated remaining per the WMILT QSR?

...the upper end of the range; if the $24M is remaining tax refunds hold , and the employee claims release at $62-$65M, and the professional fees reserved yield $15M unused, and of course after payoff of the remaining "PIERS/PP Interest/GUC and DC-C12" aggregate $49M LTI’s, then the waterfall could approximate $78M and return $8.25+- to former Preferred P holders and $0.016 to the former Common holders. So, we hope for the best (that everything works out well).

...not any different than what was disclosed upon plan confirmation, the GSA, equity support filings outlining what later would be 'coined Fair and Reasonable, and the 'overwhelming support of shareholders that released.

...then WMILT closes out (there are no 'conspiracy delays; all are and have been subject to adversarial parties, motions and court jurisdictions, interrelated orders and rulings, scheduling calendars, appeals, etc.).

...again, clearly there are no hidden or missing imaginary assets; the portfolio loans were "sold" to JPM (and adjusted down $30B to "book value" as authorized per the real P&AA) the "hundreds of billions) of MBS sold by WMB to Corporate/Trust entities represent loans "sold" (i.e., they don't magically come back 10+ years later), the retained interests (after the Corporation/Trust MBS owners are paid in full and reported as 'trading assets were "sold" to JPM), servicing rights were also "sold" to JPM (and the REPURCHASE OBLIGATION potential liability was reported by JPM to be $-0- in the Deutsche Bank, FDIC MBS trust litigation per the Off Balance Sheet LIABILITIES reported by JPM for years and, after court ruling primarily against the FDIC, there was a Settlement now subject to the Bank (as Trustee) Probate court approval in CA SC in Orange County).

...so, we'll see in the next WMILT disclosure what amount, if any, the estimated remaining tax refund of $24M are adjusted for the US Court of Claims dismissal and how that impacts the estimated MAX recoveries of $8.25+- to former Preferred P holders and $0.016+- to the former Common holders (Preferred K, "math" conversion on ratio of face to face with Preferred Ps (which also include the TPS).

...one has to wonder in the alt-reality of the BILLIONS, TENS OF BILLIONS AND HUNDREDS OF BILLIONS of hidden secret assets that are to be return assertions, that if so, WHY IS AND HAS BEEN THE WMILT WORKING SO HARD AT TAX REFUND CLAIMS IN THE $10-$100M GROSS AMOUNTS (20% to WMILT)?