Mr Cooper Group Inc (COOP)

[mordicai]

So one would think then that since JPM bought the assets of WMB JPM indirectly bought Pike Street Holdings and thereby the assets of WMBfsb. But in a court hearing the WMI noteholders lawyer said WMBfsb was never seized, and now the holding company is saying the same thing. Why? How does that argument benefit them? I am still looking for the answer myself. It may be just that the fdic will not be able to rely on the fdic receivership law to protect it for this part of the "sale" to jpm. It could be because the holding company filed bankruptcy the next day, the automatic stay was then in force with respect to WMBfsb (an indirect ? subsidiary of the holding company)and no sale of non-seized assets of the holding company could be legally sold by the fdic cause the bankruptcy court had jurisdiction over them at that time.