Mr Cooper Group Inc (COOP)

[shiftaz]

Deciphering the past week

this all in my opinion. i still hold shares so i’m not pumping or dumping… just telling you what i see. i don’t have any legal background so if there are mistakes… point them out as i’m trying to learn as much as i can as well.

heading back to the 3/4 hearing, rosen proposes there is a "global understanding" and requests a week for jpm to dd. this is a lie. jpm does not need to do any dd. they've had nearly 18 months to do dd under bankruptcy and even longer if you include dd during the takeover and dd from project west! so why does he need a week off? to set up equity...

while the fdic, jpm and weil is in the chamber talking to the judge, the ec sits outside and observes (has anybody ever seen the venable and weil talk besides the meeting for an equity committee?) he knows something is up, but he can't do anything about it. in fact they've always known something was up, because a) they were informed by the us trustee (or else there would be no exigent circumstance) and b) weil refuses to communicate with venable regarding equity after the creation of the equity committee. any talk weil has done with venable is only on the basis of formality. how do i know weil refuses to talk to venable? venable assumes rosen is going to release details of the "global understanding" on 3/4, so right before this omnibus, on 3/3, they filed this:

Complaint by Official Committee of Equity Security Holders Against Washington Mutual, Inc., et al.
http://www.kccllc.net/documents/0812229/0812229100304000000000002.pdf

in essence, venable and ec says... fine, if you d!cks arent going to include us in the talks we're going to take matters into our own hand and disrupt your talks by electing new board members to say no to your sh!tty proposal.

rosen sees this either late 3/3 or early 3/4 and says you a55holes... he knew it was going to come, that the ec at some point were going to impede his progress. he counters by asking the judge if he can delay the meeting for a week, but he needs jpm and fdic to help convince the judge that they are close on this "settlement." truth is, they've already had things settled since december and they're using the same "settlement" strategy more or less. in january and february, the debtors are busy settling with those who havent got on board yet while jpm and the fdic tries to figure out how to handle this newly created equity comittee and wmb bonds... everybody knows that wmb bonds is not wmi's responsibility and that they will be coming after the fdic next. they all reconvene sometime in feb to discuss a strategy to deal with equity and wmb bonds (their plan b)...

jpm knows wmi's worth and asks weil for some assistance. they know equity is going to have a lot of shit on them so they have to keep them quiet. i'm betting in the december settlement, weil was trying to finish the deal just with the nol's and the $4 billion deposit. that would have put wmi just slightly a > l... prefs a little return and commons nothing (and wmb bond on their own). that's weil's rendition of representing equity... lol.. almost got away didnt he? so what's the next best thing? try to maintain the board of directors, or if that fails, get the commons to agree on a very very cheap buyout.

this is all done by creating pandemonium in the market... buy in tuesday morning sell off right as rosen starts to talk in court at 9:30? and buy back in at 0.10. they really only need 10 to 15 million wamuq shares and 10 thousand wampq to start the domino affect (thats like 10 million dollars - low cost for an effective strategy... and this is all done through a proxy for jpm). tuesday selloff was market correction imo and friday/monday up trends were due to 3/4's "global understanding" buy in. a full proof plan... they scare investors away from voting new board memebers AND they can vote on keeping the bought out board of directors when they buy back millions more at .10.... or so they thought...

the equity comittee knew all along that weil would somehow counter, so they were careful not to provide details in their complaint above. and knowing that weil, fdic and jpm must commit to an offering of an "agreement" to the judge on friday or face walrath's wrath, they waited last minute to drop these two late thursday:

Memorandum of Law of the Official Committee of Equity Security Holders in Support of Its Motion for Summary Judgment, or in the Alternative, for Relief from the Automatic Stay
http://www.kccllc.net/documents/0812229/0812229100311000000000016.pdf

The Official Committee of Equity Security Holders' Motion for Summary Judgment, or in the Alternative, for Relief from the Automatic Stay
http://www.kccllc.net/documents/0812229/0812229100311000000000015.pdf

which provides clarification on how the meeting needs to go about. there are a lot of notable things... including voting via internet (they're aware of us), preferred shareholders getting to choose a couple directors and i think the most important... setting the record date to march 3. what's significant about march 3? its not because that's the date when they first filed the complaint, it's because this is the date before the trading frenzy started. this is the date where equity was free of jpm manipulation.





but alas, the damage was done, by friday jpm had f'ed up wamu's q and p shareholders and their confidence.

be on the lookout for the debtor’s to challenge some of the items on the summary judgment (maybe they see this and they won’t since we know their game plan).

rosen was very careful to keep a < l and to not mention equity. this is key… not mentioning equity does not mean equity doesn’t get anything. it means they’re forcing us to take the first swing, and i hope the equity lands a hook that they’ll never forget. keeping a < l allows both fdic and jpm to leverage both equity and wmb bondholders at the same time! this is why they’re cutting into nol’s… 70% of 2.6 = 1.82 billion… they’ll find some way to make themselves look like angels to the judge by giving the commons this amount.. don’t let them fool you. remember… jpm has been through this once already and they know what’s going to happen. bear stearns was $2 per share, then $10. this time it’s not $2 per share… its $0, then $2.. then…

in the end, i just want to say we need to stick together and help each other be informed as much as we can.. and when i say we, im talking about ghost, yahoo, wamucoup, ihub, and any other wamu equity out there. they want us to fight because if we do, it will split our votes. we can all help one another by reading the court docs, posting comments on news site, social networks, blogs, explaining the situation to another member, predicting weil's move so we don't get caught, etc etc. let’s take initiative like we did with forming the ec and not just get bullied. we know how much our nols are worth, we have valuable subs and jpm and fdic should not recieve any money!!!! btw is this applicable to us? http://www.law.uc.edu/current/experiences/publications/docs/1089kitchen.pdf
do we as shareholders have rights to inspect books about the subs? or are we privy to this information already?

have faith in ec. they know the procedure and wouldnt want to piss off walrath. you cannot just speak without a plan in mind and you cannot speak out of turn. venable said what they needed to say on friday and that was that.

we have walrath and the ec, but let’s not forget that we have also have the us trustee. we we’re blessed that his quick actions saved us. does anybody know if settlement has to be approved by the us trustee or is it just looked at by him?


if you made it this far, thanks for reading lol. again, all just my opinion.