Mr Cooper Group Inc fka COOP

[tanjazielman]

i.e. there are often if not almost always more claims than money

I disagree. Why?

From the Full Agreement and Proposed Order (between FDIC/JPM/DB)

"The FDIC-Receiver will treat the Trustee Allowed Claim proportionally with all other allowed general unsecured claims and will not subordinate or otherwise diminish the Trustee Allowed Claim. Any and all distributions on account of the Trustee Allowed Claim will be made by the FDIC-Receiver to the Trustee as and when the FDIC-Receiver makes distributions to other general unsecured creditors holding allowed claims in the WMB Receivership Estate"

Two things:

1. There is no distinction between the Trustee Allowed Claim and other allowed general unsecured claims, there is no priority set and they will be paid at the same time.
2. It is not "if the FDIC-Receiver makes distributions to other general unsecured creditors..." but "WHEN the FDIC-Receiver makes distributions to...." Significant difference in wording.

IMO this means General Unsecured Creditors and DB BOTH will be paid, at the same time. And it's not the question if it's going to happen, but when...

What's your conclusion if you read the above?