Mr Cooper Group Inc (COOP)

[LuckyPanda]

Safe harbor protects Wamu portfolio from both WMI creditors and FDIC receivership (from exposure to legal disputes like DB-FDIC-JPM over put backs).

Here's a really good overview of how FDIC receivership works. Read from Page 24.

http://www.gibsondunn.com/publications/Documents/092608-Overview-FDICasConvervator-Receiver.pdf

So the way I see it, once DB probate ends, FDIC receivership can finalize with a "loss": $2.7Billion - $600 Million to JPM - $3Billion to DB. It can then say "see we told you so...we have nothing left for WMI" and clean their hands. Receivership closes shop.

Then safe harbor assets can be released once exposure to receivership liability is gone..."surprise, look at all this money... oh we only have a few millions liability left to employee cliams? no problem, let's isolate $100 million for legal fund, and distribute the rest. oh by the way, you can't sue us for hidden assets because the statute of limitation has expired"

June 16 can not come faster.