Mr Cooper Group Inc (COOP)

[Bluzie2]

I get it. But K-Mart was a different play and I'm reluctant to simply refer to it. If K-Mart booked its real estate like most companies, then more of the buildings were likely significantly depreciated towards the end. Hence, a difference between book value and market value.

Here, since the trusts were off balance sheet, there is NO book value. So I guess it's somewhat analagous that way. To me, the question is ultimately who owns the income stream, and I can't find any documents showing that they belong to WMI. My worry is that they get eaten up in the WMB estate. My hope is they are swept up in the FDICs receivership.

That said, I do think there could be a real estate aspect to this - I'd love to see if WMI, like many companies, did something with its real estate. Usually that involves spinning it off to investors or a REIT, but maybe, just maybe, they had a sub hold it. If so...