Mr Cooper Group Inc fka COOP

[hotmeat]

Yes...this procedure is something I personally read while looking into the effects of bankruptcies on Trust beneficiaries.

Trust documents usually include a clause that ceases all payments to the Trust beneficiary once a bankruptcy petition is filed.

This, if I remember correctly, is done to prevent those Participating Interests from being arbitrarily seized by Creditors since they may qualify as Safe Harbor assets.

In our case ALL major Creditors were already paid without, it seems, the wholesale liquidation of WMI's assets at bargain prices.

"IF" such Participating Interests exist the release of those accumulated funds should restart once the last Creditor, Piers has been paid and the bankruptcy process officially closed.



NOTE: I will attempt to locate the document and post same to the board.