Mr Cooper Group Inc (COOP): I think we might get paid end of June. H...

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LuckyPanda

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Thursday, 05/04/2017 1:28:45 PM

Thursday, May 04, 2017 1:28:45 PM

I think we might get paid end of June. Here's a link to a flowchart of the probate process. The chart is from Santa Clara county court but it should be similar to the OC county.

http://www.scscourt.org/self_help/probate/property/process.shtml

I believe we are in the 4-6 weeks. According to the court filings, DB already filed "PROOF OF SERVICE" on May 1st. I believe this filing corresponds to the "Mail notice to interested persons at least 15 days prior to hearing".

The next step on the flow chart is the hearing date where the Judge signs off on Final Distribution plan. I believe this is the scheduled June 16 Petition Date.

Then distribution of Assets. Which I believe FDIC is on the hook to distribute that $600 million to JPM within 10 business days of the "effective date" -- which I would assume to be the probate court Judge sign off date. So we are probably looking at end of June for payout -- or at least FDIC receivership starting the releasing the assets from safe harbor.