Mr Cooper Group Inc (COOP)

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WAMUQ: Excellent Yahoo Posts by opnshor + bopfan ...

opnshor - Not much news to report from hearing.

14-Nov-08 07:16 pm

This a fast court case, all of the legal firms before the court for hire - were approved. Re the NOL, they had two separate breaks to resolve a few wording issues. Everyone thought that everything was resolved, until one of the JPM attorneys (on the phone) seemed to take issue with the recommended change for footnote #3. She wanted to have time to review the change, or have the inclusion of the word "JPM" with Wamu bank and WFSB. The FDIC objected too the JPM (on the phone) requested change. The JPM counsel in the room, saw no reason for it. The WMI Counsel, Trustee, and Creditors counsel all thought that the language as modified was satisfactory. In the recess, when the counsels were talking, they had the JPM counsel in the room, talk to the JPM counsel on the phone to try to explain why he thought everything was fine and the issue could be concluded. In the end, the matter was not resolved - so the WMI attorney indicated that they would work the language out and provided it to the court.

Judge Walrath had another hearing at 11:30 so this issue could not be worked out further. She appeared to be uncomfortable with the matter being left unresolved. Most interesting was, when the FDIC attorney spoke - she seemed displeased (my sister picked up on this as well).

The JPM attorney and the FDIC attorney sat in the same row, though about 2 ft appart, no one else was in that row.

I asked my sister what her impression of the JPM counsel in the Courtroom was - she said "Deny Crane". I have to admit it did seem to fit.

It seems that we had more press this time, unfortunately it was a rather quiet day - not much of a show for them. Hope they continue to attend.

In short, the NOL final approval should very closely mirror the interim. Changes seemed relatively small. Only two, the hold up was the footnote. Go figure.

Finally, to the google boarder who forwarded their letter for me to take to the clerk. I did, and got a second copy stamped for you. Hopefully, he will include it. I have not checked yet.

To those who gave me emails to send court info, apparently the storm impeded the transmition - so only a few actually got out in a timely manner. Sorry, hopefully we will have better weather next time. This was a good practice run.

That about raps things up. Have a great weekend all.

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opnshor - Re: opnshor?: Not much news to report from hearing.

14-Nov-08 08:00 pm

The only thing that I would rule out is liquidation. They are definitely gearing up for a huge fight, the tax attorneys signed on today - are not hear for no reason. I do believe that JPM makes more problems for themselves, by not doing a buyout of the holding co. If they pass on the opportunity, there are alot of banks with TARP dollars that want more cash, and NOLs - we are very very very marketable. I cannot guarantee which way this will play out, but I do not believe that JPM is stupiid enough to miss this opportunity. If they do, well I am sure many other banks won't miss out once the door is open.

They are ready to fight, but I don't know that it will come to that. No matter, what our positions improve with our options.

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bopfan - Re: Not much news to report from hearing.

14-Nov-08 07:34 pm

We all have to remember that just because the legal wrangling and theater is going on doesn't mean that management and non-litigators are not close to settlement. Nov. 25 is only 10 days away and I believe the deal makers will get things settled before then.

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bopfan - Re: WAMUQ: bopfan + opnshor, looking like a Buyout? ...

14-Nov-08 08:00 pm

Yes. That 11/25 deadline is looming, and it is too close to Thanksgiving for everyone's comfort. People will want this buttoned up before the holidays, if possible.

Don't be fooled by the legal squabbling over footnotes as it is only one of the parties' conversations. If the litigators are doing this imagine what the parties corporate/M&A/tax lawyers are doing.

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