Mr Cooper Group Inc (COOP)

[WithCatz]

Let me lay it out pretty easy. I highly suggest the reading of a few "oldie but goodies" links to refresh memories.

Probably is worth everybody's time to do this.... Today's a nice Sunday, no trading -- take the time.

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Susman Godfrey's law firm were the eventual counsel for the former Equity Committee.

They did not act on their own, in some mysterious fashion.

The Equity Committee were the ones who agreed to the 'final plan', etc. NOT SUSMAN GODFREY.

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Choose what either view wanted. IMHO -- Pick one...

a) The 'logic' (ahem) of random theories.

b) The words of members of the Equity Committee ~and~
...The words of the WMILT ~and~
...The words of WMIH
...all saying the same...

* IF ANYONE HAS ANY INVESTMENTS IN WMIH or have ESCROW SHARES -- IT'S GOOD TO READ THESE LINKS and DIGEST - and COMPARE *

And here we go...

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A former member of the Equity Committee writes -

"large future payments from other parties" and/or "mediation included secret deals" ... both are wrong.

...the results of mediation are captured in the plan. There are no secret deals. Anyone who makes a prediction that can't be supported by what is in the plan of reorganization is making stuff up"

Read that here: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=80693872

Ouch - Not mincing words there. - that seems pretty directed at "something" doesn't it? And the "accuracy" of such 'theories'?

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Not enough? -- Read the words of the CHAIR of the Equity Committee:

33. ...The Equity Committee looked favorably on the opportunity to provide equity ownership of the Reorganized Debtor and, indirectly, ownership of the NOL to the owners of the current equity in WMI. This provides for a recovery that, despite the comparatively modest current valuation presented in the Disclosure Statement, has no set limit on the upside and could (unlike a cash recovery) conceivably provide much greater value in future years if the Reorganized Debtor is successful. "

Then read #15 and the "Terms of Settlement"

15. These mediation sessions ultimately resulted in the Settlement among the Equity Committee, the Debtors, the Creditors Committee, and the Settlement Note Holders which is embodied in the Seventh Amended Plan.

Terms of Settlement... {read them in this link - beginning at #16}

Hmmm... nothing in the Terms of Settlement either that supports the "theory"....

The Equity Committee chair is VERY specific (along with the other Equity Committee member) that EVERYTHING is in the "Plan" -- there are no "secret deals" forthcoming.

Read that here: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=103797258

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Then, there's the official statements of the WMILT - December 31, 2013 - http://www.wmitrust.com/wmitrust/document/8817600140417000000000001

The Liquidating Trust Assets consist of all of the assets of the Debtors as of the Effective Date (for a description of the assets, see Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included herein)

. Having taken all of these issues into account, at this time the Litigation Subcommittee has determined not to assert claims against various third parties, other than those which are currently pending and being litigated.

Goodness... you would think that the WMILT -- from where these "Escrow Shares" are being paid from -- would be supportive of the LARGE theory, right? ...Oops...

(uh, remember the prior 'theory' about no other claims, and how that meant WMIH was where the 'meat' was?) Now that the WMILT agrees with this, why the change now?

The WMILT goes on to say

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
... Such financial statements and information have been prepared to reflect our net assets on a liquidation basis.

PDF Page 7 "Assets"..

That section goes through in exact detail of the assets. No "billions" there.

In other words, everything there is disclosed, all assets. That's what the WMILT has to say.
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And lastly, you have the WMIH on record with the SEC -- From their filing - April 24, 2014

"Based on this investigation, the Litigation Subcommittee has determined not to assert claims against such third parties, other than those which are currently pending and being litigated.

As a result of the Trust’s public disclosures on these matters, at this time WMIHC believes it is that it will realize any value on account of Recovery Claims."

Well, pooh... WMIH doesn't agree with the 'theory' either...

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So back to this 'theory at LARGE'.....

So -- Let me get this straight -- EVERYBODY AND THEIR BROTHER -- WHO made statements, made filings, and are part and parcel of this process -- all on the record..

It would require every one there to be lying, for a LARGE THEORY -- that runs COUNTER to what is in BLACK and WHITE, to be correct -- and the answer you say is GREEN? Really?

Regarding Susman Godfrey -- and their continuing success as a 'boutique law firm'. They are an excellent firm. And in this case, they pulled off a virtual miracle -- former equity got the control of the NEW WMIH. And got shares. EVEN WHEN THERE WERE CREDITORS STILL YET TO BE PAID and MAY NEVER BE PAID. That's one heck of hail-mary win by Susman Godfrey. And yes, they do consider that a huge win. This does not happen in 99% of the bankruptcy cases where there isn't enough monies to pay creditors. Virtually NEVER happens. It did, here.

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Rhetorically: What color is the sky? I can look up and see it's BLUE. I don't need to come up with corner cases of "well, sometimes it's grey, sometimes it's kinda reddish if the sun is setting just right, etc" -- BLUE works just fine by me as an answer. And I can explain why. http://en.wikipedia.org/wiki/Rayleigh_scattering

But to tell me, especially if the answer is "GREEN", I just don't buy it -- don't think I have ~EVER~ seen that. Corner case or not. And not with the facts at hand.

I'll take my facts to the bank. I do not believe that Willingham, the former EC member, the WMILT and WMIH are lying to me, hiding anything, or have "mysterious secret back-room deals concocted in mediation and never documented" -- all just waiting to POP out... nope. --- Sorry.


...Catz

P.S. Guess I'm incorrigible. Or, then again, perhaps it's not me.