Mr Cooper Group Inc (COOP)

[boarddork]

Simplified: The 'Washington Mutual financial institution' is 3 things - A,B,C.

1) The bankruptcy creditors fought over specific assets in A.

2) The receivership creditors fought over specific assets in B.

3) And the FDIC kept specific separate assets off balance sheet in C - in safe harbor pending ultimate reconciliation of A and B. (trust assets)

In receivership, assets C are designed to backstop potential losses over assets in A &B. The residuals of ABC, in part or in whole, go to those who released.