Mr Cooper Group Inc (COOP)

[mordicai]

Well, message board posts have always just concentrated on what "equity interests" meant ignoring what "assets" meant. Well the term "assets" is defined and qualified by the POR at Section 1.33. The first sentence reads "With respect to a Debtor, (i) all “property” of such Debtor’s [color=red] estate, as defined in section 541 of the Bankruptcy Code... " So doesn't this indicate that the LT was limited to getting only the bankruptcy estate assets? If you read the bottom of Section 541 concerning mortgage interests and trust transfer clauses those off balance sheet assets are non bankruptcy estate assets. So if those assets are indeed not part of the estate, and as I posted the other day, wmb equity is still 100 per cent owned by WMIH, these off balance assets seem to still remain with WMIH. JMHO.

Section 541 provisions:

A restriction on the transfer of a beneficial interest of the debtor in a trust that is enforceable under applicable nonbankruptcy law is enforceable in a case under this title.

Property in which the debtor holds, as of the commencement of the case, only legal title and not an equitable interest, such as a mortgage secured by real property, or an interest in such a mortgage, sold by the debtor but as to which the debtor retains legal title to service or supervise the servicing of such mortgage or interest, becomes property of the estate under subsection (a)(1) or (2) of this section only to the extent of the debtor's legal title to such property, but not to the extent of any equitable interest in such property that the debtor does not hold.

http://codes.findlaw.com/us/title-11-bankruptcy/11-usc-sect-541.html