Mr Cooper Group Inc (COOP)

[LuckyPanda]

Good morning AZ. Are you familiar with General Growth Properties bk? It happened about a year after Wamu...and maybe their attorneys learned a lesson from WMI bk...because they were able to bring in all their remote bk SPEs under their bk for the purpose of equity benefit...even though the SPEs were solvent. I believe they first replaced most of the directors of the various SPEs shortly before they declared bk so that the directors would agree to have the SPEs pulled in to the parent company bk. The lenders to the SPEs objected in court but lost.

https://www.goodwinlaw.com/publications/2009/08/ggp-ruling-exposes-weaknesses-in-popular-bankruptcy-remote-spe-structures

I have no doubt that WMI has even more remote bk SPEs than GGP. What disgusts me is that Brian Rosen never tried to bring any of them into the bk. He could have observed what was happening with GGP bk in 2009/2010 and he could have tried the same in 2011.

Anyway, good luck to all of us. I really hope we see something in the next few weeks.