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There are no WMI assets out there for COOP, except for some very minimal amount that WMIH was to get under the plan.
Why do all the theories that conclude that "COOP will get WMI assets" ignore the clear wording of the plan?
Talk about being a day late and a dollar short. Read the posts since Friday.
You are making the assumption that the loss of the markers in your account is the same as losing the rights they signified. Two different things. The rights (and the records) still exist and if there is something to be distributed, they will find you.
Edited to Add:
Someone on the smart board just posted an email they received from Ally:
“To remove worthless securities from your account, a transaction must take place. Essentially, all of your shares are bought by our clearing firm for $.01. For this reason, "sold" is the most accurate representation of the transaction. The designation on the website does not change what you are entitled to as a previous shareholder. If you are owed any funds/shares, or are eligible to participate in any buyback based on judicial ruling or corporate events you will be notified."
My transaction history with TDA says "REMOVAL OF WORTHLESS SECURITIES"
In Schwab, under "Action," it just says "Other".
TY, INFINIT,
The link may be old but - unlike the email you quote (which is less than a day old) - the article says nothing about a settlement. So there may be some reason for optimism.
Actually, I own a lot of COOP. A lot. I think COOP will generate very substantial returns over the next couple of years. However, I do not believe for a minute that COOP will benefit at all from any WMI assets that might still be out there. Those - if any - will be distributed to the persons who up until Friday had escrow markers in their accounts.
Nice Post. Thanks for again reinforcing the point that COOP will not benefit from any assets/distributions that might be out there still.
That article provides no support whatsoever for your silly assertion that a bond downgrade would take Coop's stock to zero.
That is Coop Pank (an Estonian company). Nothing to do with COOP.
Please provide a link so we can see that bond rating ourselves.
More errant nonsense. If there were some risk out there that might cause Coop shares to go to zero Coop would have to disclose that in its SEC filings. Please.
And I just want to know the location of the clause that specifies $50/60 days. And all I get is crickets.
And just where is that $50/60 day clause located?
Errant nonsense. Except the part about Coop remaining over 50.
BTW, debentures is just a term for a type of unsecured debt instrument.
I agree with that summation. Especially the part about COOP and Escrows being in entirely and permanently separate universes.
Great post JWW. Thanks
Maybe they did not get the memo. Yet.
Exactly.
I believe that the DTC was not acting on its own. Of course, a broker would only know that it received instructions from the DTC. It would not know whether the DTC was acting on the instructions of the LT, which issued the markers to begin with. I believe the DTC was acting on instructions from the LT.
I agree with that. Especially with an interest hike coming.
WMI = the WMI LT.
Sorry, but how would a 2001 prospectus have any linkage whatsoever to the pps of a company that emerged from bankruptcy in 2012?
When exactly did he say that?
Feb 23 is the 10th anniversary of Plan Confirmation. The LT is likely wrapping things up. I am pretty darn certain the markers were issued by the LT (not by WMIH or COOP).
FYI: WMI is not the same as WMIH or COOP. WMIH is the company that emerged from Chapter 11 and then merged with Nationstar and became COOP.
The rump of WMI is being administered by the LT. So it must have been the LT that issued the instructions to the brokers.
BTW: Gotta love COOP's move today.
I think it has something to do with the 10th anniversary of plan confirmation.
They were in my Schwab account, and they just disappeared.
Aren't we right around the 10th anniversary of plan confirmation?
My escrows are gone from TDA but still there in Schwab
I see. So the fact that I did not understand a message you say was heavily obscured in your post is my problem, not yours. And my point is this: if you meant something else, you should have written it. This is a message board, not The Da Vinci Code.
And, in that vein, I would like again to state my original observation on your post, this time more bluntly: you lack any awareness whatsoever as to how an executive of a publicly traded company goes about buying or selling stock in that company without exposing himself/herself to allegations of insider trading. Such an executve uses a 10b-5 plan. I encouraged you to become familiar with how such a plan works so that you might back away from the easy out of engaging in evidence-free conspiracy theories. But you did not do that. You just doubled down. Lazy. Just lazy.
I think it would be helpful if you first familiarize yourself with what a 10b-5 plan is, and how such plans are used by a very large number of executives of publicly traded companies.
The sale by Bray was almost certainly done under a 10b-5 plan that was put in place a while ago.There is a lot of info about such plans online.
You actually know this, or is this just more conjecture represented as fact?
Some folks on this board need to learn to read all the words, not just those they like. Pay attention to the first bolded part. So this is still not over.
The petition for rehearing filed by appellant, Alice Griffin in the above-entitled case having been submitted to the judges who participated in the decision of this Court, it is hereby ORDERED that the petition for rehearing by the panel is granted in part. See I.O.P. 9.5.1 (petition for rehearing en banc is presumed to request both panel rehearing and rehearing en banc). An erroneous citation in footnote 25 of the original opinion is corrected in the amended opinion filed concurrently with this order. In all other respects, the petition for panel rehearing is denied. The clerk is directed to re-enter the judgment with the amended opinion.
The petition for rehearing having been submitted to all the other available circuit judges of the circuit in regular active service, and a majority of the judges of the circuit in regular service not having voted for rehearing, the petition for rehearing by the Court en banc is denied.
There are no "released shares." We executed releases as part of getting the POR approved, but those releases did not create released shares. Our shares in WMI were cancelled (not released) and went "poof." In return we received newly minted shares in WMIH. The entire theory is built on a premise that is demonstrably false.
No. Chapter 11 is used to reorganize a debtor. Chapter 7 is used to disssolve a debtor, sell its assets, and pay off its creditors to the extent possible.
Under Chapter 11, WMI was reorganized as WMIH. There was nothing left after the reorganization. Most of WMI's assets were distrbuted to creditors. The remnant (principally the NOLs, some cash, and few other minor assets) became the property of WMIH. Nationstar later merged into WMIH, and then WMIH changed its name to Mr. Cooper Group, Inc.
There are some who claim that there are bankruptcy remote assets out there that will eventually return to WMIH (now "Mr. Cooper Group, Inc."). Hogwash. If anything turns up, the assets would go to WMI's estate, which is being administered by the LT. Those assets (if any) will not return to WMIH (now Mr. Cooper Group, Inc.). The LT would have the responsibility for distributing those assets (if any) to the former holders of WMI stock.
WMI's estate is not the same as WMIH (now Mr. Cooper Group).
Maybe, just maybe, there is no linkage whatsoever between COOP's PPS and escrows. Please consider the possibility that the theories linking the two are wrong. Just plain wrong.
So far, I have read nothing that makes anything close to a plausible case that there is a linkage between COOP's PPS and escrow distributions.
This is one occassion where the word "linkage" makes me think of baloney.
Bad day for the markets generally. Nasdaq down 3.5%; Coop down 4%.
We know what to do when there is blood in the streets.