Mr Cooper Group Inc (COOP)

[uzualsuzpect]

"To buy or not to buy WAMUQ..."

Posted by: Chuckypoo Date: Saturday, January 02, 2010 12:27:18 AM
In reply to: None Post # of 167334

To buy or not to buy WAMUQ...

It is sad that combined, both this and the Y! board combined have done more DD on this company than any media, except Kirsten, has. With the NOL's (correct me if I'm wrong) prefs, will be short only a little over $800M to payout at face, assuming the H's will get $50 pps.

Now the way I see it liabilities include junior and senior debts and it is undetermined what they will receive in total as a distribution. With that said this is where we stand:

(Numbers taken from 11/09 MOR Click here to view

Total Cash/Cash Equivalents (incl. JPM deposits)
$4,855,803,987

Total Assets (incl. cash)
$6,932,216,493

Total Liabilities (less equity) (incl. bonds)
$8,294,959,259

Total
($1,362,742,766) A<L

NOL refund IRS
$5.2B +/-

New Total
$3,837,257,234

Now A>L

WAMUQ – 1.7B $0 Remainder of Equity after Pref. Liquidation Value.
WAMPQ – 3M $1,000 $3B to clear
WAMKQ – 20M $25 $500M to clear
WAHUQ – 23M $50 $1.15B to clear

$4.65B before WAMUQ sees payout.

Difference between Assets (after NOL) and WAMUQ payout:
$(812,742,766)


Outstanding Claims JPM
Estimated at $10B+ (breach of confidentiality, trademark infringement, etc.) Lowball estimate of settlement amount. Claims exceed $20B.

Outstanding Claims FDIC
$13B + (Fraudulent Conveyance / less than fair value)

$23B litigation total minus prefs remaining liquidation value

~$22B then divide by 1.7B shares =
$12.94 +/- depending on award/settlement amounts.


You be the judge. Numbers are dynamic, so may change as more info is available to the public.