If there are substantial WMI assets that could be purchased I agree COOP could indeed do so. My only disagreement here is when it's claimed that the purchase will be made using shares ie the S4V. This IMO will never occur due to the LT's mandate, among other reasons.
25.2 Cancellation of Common Equity Interests:.., on the Effective Date, ALL Common Equity Interests shall be deemed extinguished and the certificates and ALL other documents shall be deemed cancelled.