Mr Cooper Group Inc (COOP)

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Latest Post From Dmdmd1

First of all, Merry Christmas and Happy New Years to all!

Or Happy Holidays!

Food for thought over the holiday season:

Follow the money! Follow Bonderman! BK cases are closed!

How much will Class 19/22 receive? When?

IMO...I don’t know!

But why did Bonderman et al (TPG partners VI, Olympic Partners, etc) add to their Class 19 & 22 positions after seizure (September 25, 2008)

I’m linking Form 3 (event : April 15, 2008)

https://www.otcmarkets.com/filing/html?id=5880156&guid=t4vvUnKRHt4f-3h

and Form 4 (event : April 21, 2008) both filed by Casey M. Nault as of April 23, 2008.

https://www.otcmarkets.com/filing/html?id=5880159&guid=t4vvUnKRHt4f-3h

In Form 3:

Table I Non-Derivative Securities Beneficially Owned

David Bonderman directly owned = 1,240,294 Common shares

TPG Partners VI = 822,857 common shares

Keystone Holdings Partners = 191,637 Common shares

KH Group = 45,714 Common shares

Family Partnership = 450 Common shares

Bonderman indirectly = 28 Series T Preferred stock


Form 4:

Table I: Non-derivative Securities Beneficially Owned

Bonderman indirectly = 19,900 Series T Preferred stock

Explanation of Responses:

“(4) In connection with the purchase of Series T Preferred Stock, TPG Partners VI and Olympic Partners each received a warrant certificate that is exchangeable into Series T Preferred Stock or, subject to certain conditions and adjustments, exercisable to acquire 285,714 and 56,857,143 shares, respectively, of Issuer's Common Stock (see Explanation of Responses (5) and (6) below).“

________

Per my previous post:

https://www.boardpost.net/forum/index.php?topic=11931.msg235019#msg235019

“ David Bonderman and his funds (Olympic Investment Partners, TPG, etc.) infused WMI with $7.5 billion on April 07, 2008.

Bonderman et.al. filed about 18 Form 4s between April 23, 2008 to September 25, 2008.

The following is a tabulation of all the information from all those Form 4s:

David Bonderman directly owned 10,115.72 shares of common = $39,250.00488

David Bonderman indirectly owned (by virtue of Olympic Investment Partners, TPG, etc.) 284,891,428 shares of common = $2,567,657,137.67

By virtue of deduction, if Bonderman et.al. infused $7.5 billion into WMI on April 07, 2008, then:

$7.5 billion - $2.567 billion (common shares) = $4.933 billion (preferred shares in Series I, J, L, M, N, and Series R)

Total face value of Series I + J + L + M + N = $4 billion

Total face value of Series R = $3 billion

Thus...IMO... at the time of the Conditional Exchange Event, Bonderman et.al. owned ~ $7.5 billion of securities and consisted of:

We don't know the exact number of preferreds owned by Bonderman et.al. because their filing was redacted.

www.kccllc.net/wamu/document/0812229081117000000000005

But we do know that they owned: Series R, I, J, L, M, and N.

Therefore, IMO...I believe Bonderman et.al. owned the following Preferreds upon the Conditional Exchange Event:

1) all the shares in Series I, J, L, M, and N = 4 million shares = $4 billion face value

2) 1 million shares of Series R = $1 billion face value

3) 284,901,543.72 shares of common = $2.567 billion

IMO...Now, if Bonderman didn't exactly know which class of debt/equity would be the ultimate owner of residual interests in all the recoveries he would have stayed silent and not want to be involved with MNPI/settlement discussions within the bankruptcy proceedings. This would allow Bonderman et.al. to trade freely in all flavors of debt and equity as they saw fit.”

__________

IMO...my conclusions as of December 21, 2019 @ 1347 CST:

1) Per the Form 4 as of event date April 21, 2008,

Warrants:

TPG Partners VI had a warrant certificate to be exercisable to acquire 285,714 Common shares

AND

Olympic Partners had a warrant certificate to be exercisable to acquire 56,857,143

2) Obviously both TPG Partners VI and Olympic Partners bought more than the warrant size because they released respectively:

TPG = 1,142,857 common shares released

And

Olympic Investment Partners = 227,428,571 common shares released

3) the only way to acquire more than their allowable warrants was to purchase the WAMUQ shares in the open market like you and me.

4) IMO...Bonderman et al had all the insider information and decided to buy more WAMUQ shares during the bankruptcy and released all of them.