Mr Cooper Group Inc (COOP)

[wamugold]

Well Yes and NO it is deceiving, if you look at wikipedia they first said JPM paid 1.9B for the branches. However they later on said thay paid 1.9B for everything including assets. Its confusing but I doubt they got everything for 1.9B Seems too low when they clearly had 25B and solvent... They used the 25B to pay creditors.

Quote:"The FDIC sold the banking subsidiaries (minus unsecured debt and equity claims) to JPMorgan Chase for $1.9 billion, which JPMorgan Chase had been planning to acquire as part of a confidential plan internally nicknamed Project West."

Quote:"The FDIC then sold most of the bank's assets to JPMorgan Chase for $1.9 billion in cash plus assumption of all secured debt and some unsecured debt. Claims of the subsidiary bank's equity holders, senior and subordinated debt (all primarily owned by the holding company) were not assumed by JPMorgan Chase"