Mr Cooper Group Inc (COOP)

[WithCatz]

Yesterday's hearing was a complicated mess...

El Juez made the observation (re posted with permission)- "Things did not exactly go as the LT had hoped, but I think it's worth listening to the hearing in order to appreciate the complexities, e.g.,

(1) how the LT's attorneys were actively trying to protect the Trust and its Board members from personal liability from the wrath of the FDIC,
(2) while at the same time trying to mollify the unpredictable court and
(3) maintain good faith with the FDIC as well as the settled/rational claimants and their attorneys (like Spence),
(4) and trying to free up funds to pay legitimate creditors ASAP on Nov. 1 so as to get the waterfall rolling (which is the LT's primary duty) and
(5) keep the pressure on both legitimate and nuisance claimants to finally settle. Quite a juggling act!

It also demonstrates what a loose cannon Judge Walrath can be, as exemplified by her rulings today in both denying the LT's motion and further shooting from the hip in ordering (?!?!) the LT to file a declaratory relief action vs. the FDIC, et. al. (Constitutional, anyone?)

There are also some unexpected laughs to be had, thanks to BR's sarcastic wit."