Mr Cooper Group Inc fka COOP

[hotmeat]

This section almost perfectly describes WMIIC where certain assets were liquidated / sold with the permission of the bankruptcy court and contributed to payments of Creditor claims.

It was reported that WMIIC owned ~$1B in various security assets and investments, of which about $260M were liquidated and contributed to the WMILT.

A former WAMU employee objected to the Bk court about the sale of WMIIC's assets and JMW ruled that the Debtors had to seek court approval before any WMIIC assets were liquidated / sold in the future.

Not sure what document it was but I clearly remember reading it sometime in early 2017.

What was WMIIC considered to be, just another WMI Sub or was it a WMI SPV, hence it's declaration of having NO CREDITORS???



Assets of a Bankruptcy Remote Entity May be Sold

Once the assets of a bankruptcy remote entity are within the jurisdiction of the bankruptcy court, the bankruptcy court can authorize the sale of the lender’s collateral under section 363 of the Bankruptcy Code, free and clear of the lender’s liens. The requirements for selling assets free and clear of a lender’s security interests are easily satisfied and a bankruptcy court has broad discretion to conduct a sale in the manner it deems most appropriate. Because the goal of a bankruptcy sale is to realize the highest value for assets, a bundled offer to purchase assets of the SPV together with assets of affiliated debtors could be held to be higher and better than a credit bid of the SPV lender under section 363(k) of the Bankruptcy Code, which would leave the lender with a lien on the proceeds of sale.