Mr Cooper Group Inc (COOP)

[hotmeat]

Class 17 does not have to be paid before Class 18 as is nonsensically being claimed here. Class 17A claims (WMB Snr Bonds) were given a $335M payment as part of the POR but their $6B claim is owed by the FDIC-R. Class 17B claims (WMB Sub Bonds) were disallowed so that $7.8B debt is also owed by the FDIC-R. There are certain Class 17B claims that were Rule 510(b) Subordinated to Class 18 but are disputed. These claims have to be litigated to determine if they will be paid by the WMILT. He does not know what he's talking about, as usual (#'s 549112 + 549250).





POR...pg 57

(c) Class 17B – WMB Subordinated Notes. On the Effective Date, and in consideration for the distribution to be made to the FDIC Receiver pursuant to the Global Settlement Agreement, all WMB Subordinated Notes Claims, to the extent that they are not Section 510(b) Subordinated WMB Notes Claims, shall be deemed disallowed, and holders thereof shall not receive any distribution from the Debtors.


WMILT 2018 10K...pdf 14

As of December 31, 2017, outstanding allowed Subordinated Claims totaled $38.2 million. In addition, during the Debtor’s bankruptcy proceedings, the Bankruptcy Court ordered that certain Class 17B claims (defined in the Plan as WMB Subordinated Notes Claims) be subordinated to the level of Class 18. Such Class 17B claims remain disputed and unliquidated