Mr Cooper Group Inc (COOP)

[hotmeat]

From reading that article, which is quite interesting IMO, it seems to confirm what many of us here believe.

What is being said is that abandonment removes property from the control of the estate, but NOT the Debtor.

By doing this the Debtors property would be protected from Creditors of the Estate and also relieve the estate of that burden(litigation???) and once resolved that property could be returned to the Debtor.

I can see a clear link to our case, "IF" this rule applies to us, where WMI/WMIIC's (Debtors) interest in WMB assets are removed from the control of the bankruptcy estate.

This also confirms that the property remains that of the Debtor which in our case is now represented by the WMILT, as it's "Successor In Interest" and NOT WMIH.


A few important quotes....thanks to mordacai for posting (note that I am not stating this rule applies to our case)

Quote: "Abandonment under Code § 554 removes property from the bankruptcy estate and returns the property to the debtor as though no bankruptcy occurred."

Quote: "an order of abandonment acts only as an abandonment of the estate's interest in the property and not as an abandonment of the debtor's interest,"

Quote: "Although the legislative history indicates that property of the estate may be abandoned to any party with a possessory interest in the property, as well as to the debtor, such abandonment of the estate's interest to a specific non-debtor entity(<---WMIH???) is inconsistent with the concept of abandonment under the Code."