Mr Cooper Group Inc (COOP)

[fsshon]

Insensitive: Are you kidding me? Read between the lines my friends and listen to the hearing if you have not. Listen to what Rosen said, that is a hint!

read this ....

http://www.bayardfirm.com/pdfs/equity-committees-representation.pdf

Go about half way down the page and then re-read this paragraph.

“Ad hoc” or informal committees often will already have been formed before such a request, so
that equity's concerns may have already been brought to the attention of management or debtor's
counsel (with less than satisfactory results). These committees consist of shareholders who are
knowledgeable of the company's condition and typically disenchanted with the attention given to
their interests or management's general intentions regarding equity. These informal committees
invariably are represented by counsel. In fact, given the volume of recent equity committee
solicitations, there are a growing number of law firms and financial advisory firms who actively
compete to represent such committees. Like professionals for official creditors' committees,
673694-1
professionals for official equity committees are compensated from assets of the bankruptcy estate.


Translation: Rosen of Weil does not want to spend the money for the Attorney Firm that will be representing the EC. Also he does not need another firm to have to share the info with or have sitting at the table. he thinks or maybe is under the impression he can get it done satisfactorily, but WE need REPRESENTATION no matter what the cost to the estate.

Now re-read this part.

Under the Code, upon request the Court may order the appointment of a committee of equity
security holders if necessary to assure their “adequate representation.” Adequate representation is
determined on a case-by-case basis.1 Courts consider these factors: (1) the number of
shareholders; (2) the complexity of the case; (3) the solvency of the debtor; (4) whether the cost
to the estate outweighs the adequate representation interest of shareholders; and (5) whether the
interests of shareholders are already represented. 2 No one factor is dispositive and the relative
weight afforded to each depends on the circumstances.3 Since the first two factors inevitably are
favourable in cases where appointment of a committee is sought, the discussion below is limited
to the remaining factors.

An EC would require that all attorney firms that are currently participating in this case, share info with the new firm that is brought in to represent us, The last thing they want is one more hand in the pot.

Now re-read this part.

Solvency of debtor
In considering the solvency issue, the most frequently applied standard is whether the debtors are
“hopelessly insolvent.”4 It is not a question of whether recovery to the debtors' shareholders is
guaranteed.5 Economic indicators must demonstrate that there is value for shareholders and
those shareholders are not necessarily “out of the money”.6 Where the debtor is even marginally
solvent, shareholders have a meaningful interest in the outcome of the case, and courts find they
should have the benefit of an equity committee representing their interests, regardless of the
added cost.7


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CURRENTLY !!!