Mr Cooper Group Inc (COOP)

[JusticeWillWin]

The difference here is the WMCT 2001 is NOT asset-less IMO. From the Disclosure Statement page 78 (there are many other pages referencing the WMCT, search for WMCT an "washington mutual capital trust" as well)

http://www.kccllc.net/wamu/document/0812229111212000000000005

[color=red]In accordance with that certain Amended and Restated Declaration of Trust, dated as of April 30, 2001, WMI, as sponsor, established Washington Mutual Capital Trust 2001 (“WMCT 2001”) to issue Trust Preferred Income Equity Redeemable Securities SM (the “PIERS Units”) to investors. WMCT 2001 is a statutory business trust created under the Delaware Business Trust Act and, as of the date hereof, continues to exist as an independent separate entity, duly formed and in good standing. WMI owns the common securities (the “PIERS Common Securities”) of such trust. As discussed below, WMI’s primary role in the transaction was to issue the Junior Subordinated Debentures (defined below), which comprised the sole assets of WMCT 2001. At issuance, and all times thereafter, these Junior Subordinated Debentures have, for all purposes, been treated as and reported as debt.[/color]

Also have a look at the image on page 79!!!

Your post:

This appears to be the same situation as with WMIIC where the much referenced asset-less shell in which WMIH owned 100% equity was dissolved.

I don't see how any WMCT 2001 assets would be transferred to WMIH when ALL of WMIIC's assets were also transferred to the WMILT on the ED and the empty shell to went to WMIH.


None of the assets of entities assumed by WMIH were transferred to WMIH except for the remnants of WMMRC's run-off portfolio, the vast majority of which belonged to the WMILT.