Mr Cooper Group Inc (COOP)

[LuckyPanda]

No, WMIIC has not been closed as of last 10q filing. The exact wording on page 8 is:

WMIIC does not currently have any operations and is fully eliminated upon consolidation.

They've talked about closing it down since 2016 June 10q. Isnt it amazing that it has been more than a year since they've mentioned that and still havent been able to dissolve a sub with supposedly "zero assets". I have personally dissolved companies before and it doesnt take over a year for "paperwork" to dissolve a company with "zero assets" and "zero liability".

Again, the more probable explanation is they havent been able to close the merger with legacy safe harbored assets (2.9% interest profit rights to the $300 billion wamu loan portfolio) which are suppise to come back through WMIIC.

I believe all "cash" returning requirement for WMILT only applies to the assets of the bankruptcy that were being liquidated.

Safe Harbored assets are bankruptcy remote so the same cash liquidation rule does not apply.

There is a reason that the last remaining sub under WMILT is named Wamu 1031 Exchange.

I believe taxes on the portfolio earnings have been deferrex while in safe harbor.

Since 1031 exchanges for tax deferrment generally applies to "like" assets, it is reasonable to assume escrow holders getting 3.5 billion shares of WMIH and not liquidated cash since, their original shares were in stock form.

So I believe in this case, WMILT will simply be used as a pass through mechanism by Wamu 1031 Exchange to distribute the new 3.5 billion shares.