Mr Cooper Group Inc (COOP)

[ReikoBlack]

Not word for word

44:13 – 51:28

Alice Griffin: And, I’ve taken pains to explain to people my understanding, and Mr. Rosen confirms it, that the Escrow Markers were simply to facilitate distribution of stock. There’s no more reorganized stock. That’s not how, if you were going to get a cash payment, you would get it by check. This is what’s happened, your Honor. Those Markers have a zero value, it says zero in people’s accounts. And, what’s happened is a number of brokers have simply said, ‘Look, there’s no money in here, we’re going to close it out and extinguish it’. And, people’s Markers have disappeared. The other thing is we have in this eleven years, we’ve had a number of people who have gotten substantially older. You’ve had people who have been invested in Washington Mutual for a long time. Like, for example, one shareholder with whom I communicate…

Judge Mary Walrath: I don’t need the details, alright.

Alice Griffin: …in their late seventies, even, and older. And, they’re forgetful. That’s why I said a piece of paper, just a written acknowledgement.

Judge Mary Walrath: Well, I’m not going to order them to send a separate piece of paper to every single shareholder, given the unlikelihood that there’s going to be any further distribution to that class. I’m just not going to require that.

Alice Griffin: I think due process requires something because if something happens and there is a change of circumstances, a lot of people are going to be out of luck. Some people have died and probably didn’t even tell their relatives that they had any of these legacy…

Judge Mary Walrath: There’s nothing I can do about that. There really is nothing I can do about that.

Alice Griffin: I think there is something the Trust can.

Judge Mary Walrath: Does the Trust have a record of the Class 19 and 22?

Alice Griffin: There is a list, it’s document 9662, that has a list of each class. For the Preferred it’s only in street names, the brokerages, but in the retail it’s all of their names. And, we got that from KCC which obviously got it from the Trust somehow.

Judge Mary Walrath: Well, then you have it.

Alice Griffin: We have the list of Common. So, Common could even be protected, but not Class 19. We have…

Judge Mary Walrath: I thought the Pre…is 19 the Preferred?

Alice Griffin: Yes, ma’am.

Brian Rosen: It is, you Honor.

Judge Mary Walrath: Then, you have it for the Preferred.

Alice Griffin: We do not, we have it for the Commons. In document 9662 all of the Commons names are out, people’s names and addresses and what they released. They’re fortunate, but…

Judge Mary Walrath: Ok.

Alice Griffin: ...the Preferred we only have street names; Etrade, Scottrade, and so on. And, I think we should have…so at least, and this is a good point…

Judge Mary Walrath: But, the brokerage firms would have that information…

Alice Griffin: The brokerage…

Judge Mary Waltrath: …for the Preferred.

Alice Griffin: Your Honor, that can’t be considered to protect us. They get rid of their records for every few years.

Judge Mary Walrath: Then, that’s an action you have against them.

Alice Griffin: So, if something did happen 22 would be in a better position because they at least have document 9662 to show that they released, how many they released, and it even says what date they released. But, the retailers within Preferred would not have that protection. So, just send a letter…

Judge Mary Walrath: Does the Trust have…

Alice Griffin: …to the Preferred.

Judge Mary Walrath: …that information?

Alice Griffin: There are fewer Preferred.

Judge Mary Walrath: Please, stop. Let me ask the Trust. Do you have any information with respect to Class 19 Preferred?

Brian Rosen: No, your Honor. We do not.

Gordon Novod: Your Honor, again Gordon Novod, for the record. Just one brief comment, any notice requirement, if we’re talking about sending out millions of letters to people its going to cost a lot of money.

Judge Mary Walrath: Yeah, I’m not requiring a letter to each individual.

Gordon Novod: Ok, thank you.

Judge Mary Walrath: I’m talking about whether or not there is a record that can be delivered to the court and docketed.

Gordon Novod: Thank you, your Honor.

Judge Mary Walrath: Thank you. (short pause) Well, since the Trust does not have that information, I’m not going to require that the Trust retain it. And, you state that docket number 9662 has it with respect to Class 22 and apparently you have a copy of that so, that is available on the court’s dockets. So, I’m not going to require the Trust preserve any additional, irrelevant documents.

Alice Griffin: May I ask a question?

Judge Mary Walrath: You may.

Alice Griffin: Your Honor, when you look at 9662; by the way there are many fewer; there are a lot of Common but many fewer on the Preferred. There are only about 6000 where as the others are many more. And, I wondered why isn’t there Preferred information and I think it’s because there are so many institutions that probably would prefer that information. But, somebody made the decision at some point not to put the Preferred’s information there. And, that would have protected us.

Judge Mary Walrath: The Trust doesn’t have that information. I’m not going to order them to create it or to maintain what they don’t have. And, I also disagree and will overrule the objection to the closing of the case. There’s nothing that requires all appeals to be concluded before a case can be closed. And, there is a remedy in the event that the appeal is successful. The court can administratively reopen the case, without any adverse consequence to you Ms. Griffin or any of the Common or Preferred share holders. In fact it would be a detriment to the people you are arguing on behalf of, to leave the case open and let what funds there are be eaten up in expenses. So, I accept the Trust’s report that there are no additional assets of which it is aware that need to be liquidated or otherwise administered, that all claims have been resolved, and there’s no further purpose to keep the Trust in place or the bankruptcy case open. So, I will grant the motion to close the case.

As I said she is a corrupt judge to have allowed all this to happen. IMO.

Now I will add, cruel, as well. She shows zero regard for the shareholders and what we have been through all these years.

What she should've said is that there likely will not be a distribution to markers from this LT, however I cannot comment on anything that could come from outside the LT.

Instead she said this:

Judge Mary Walrath: Well, I’m not going to order them to send a separate piece of paper to every single shareholder, given the unlikelihood that there’s going to be any further distribution to that class. I’m just not going to require that.

Yep. Cruel.

Merry Christmas Mary.
Thanks for the coal.