Mr Cooper Group Inc fka COOP

[muyuan51]

First, I beg to differ.

A. As I remember AZCowboy (BIG kudos to you, AZ, for everything you do for the board !)was the first one to draw our attention to the fact that there were 2 bankruptcies in the very beginning:

#1) 2008 Sept.26, PM 10:15
http://www.kccllc.net/wamu/document/0812228080926000000000001

#2) 2008, Sept.26, PM 10:16
http://www.kccllc.net/wamu/document/0812229080926000000000001

B. Yesterday, mattchew (Thanks for your "reactivation" !!) was bringing the Post## 466034, 466036, 466037 about "Substantive Consolidation" !

C. tanjazielman (a perfect example for investigative journalism, btw did you contact Greg Palast ?) was answering, reacting with Post## 466040, 466041 !

D. boarddork (always active and inquisitive !) wrote Post# 466058 in answering Post# 466041 !

E. muyuan51 answered with Post# 466102 to Post# 466058 !

I'd suggest everybody who is interested to read the mentioned Post## !!

To sum it up:
1st BK - WMI Investment Corp.(almost below the
radar of almost EVERYBODY), NO Creditors,
NO assets, NO liabilities
2nd BK - Washington Mutual, Inc. => WMILT after BK
bypassing APR UNCAPPED 75% Cl.19/22.5% or
24.375% Cl.22/2.5% or 0.625% WMIH.

So, as I get it from the above cited Post##, in BK#2 => Preferreds Cl.19 will get UNCAPPED 75 %, Commons Cl.22 will get 22.5 % or 24.375 % and WMIH will get 2.5 % or 0.625 % of every distribution coming via WMILT !!

In BK#1 the language is a little different for Preferreds (remember:"The assets and liabilities of formally distinct entities are kept separate"), referring to former economic priority (means face value for Preferreds and remainder to Commons, without APR, without 75/25) ! Cash coming through dissolvement/dissolution of WMIIC !

Or, in other words, Preferreds Cl.19 will get 75 % UNCAPPED from every WMILT distribution and will get Face Value from distributions coming from WMIIC !

But, once more, my dear Co - posters: READ, READ, READ and try to educate yourself on this MB !! There are so many hidden gems to find !!

BTW in order to keep it easy, I didn't mention interests/dividends !