Mr Cooper Group Inc (COOP)

[wwhatthe]

Separateness, Continued… Just a little Research and all IMHO…

(The Separateness of WMI and its subsidiaries)

Which are…
Debtor’s assets and non-Debtor’s assets.
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Some are confusing our contra-CUSIP positions with our escrow positions…


The contra-CUSIP positions is with respect to the new company, “disputed shares” …
And only the “disputed shares”.

The contra-CUSIP, was used to complete the reorganization function of WMIHC.
Which, was the distribution of the last, 5 million, new company shares that were in dispute.

There were only about 5 million disputed shares, out of 200,000,000 new company shares.

These 5 million disputed shares are identified by the 3 CUSIP numbers,
CUSIP# 939ESC992, CUSIP# 9393ESC84 and CUSIP# 939ESC968.

And has nothing to do with a cash distribution.
The 3 CUSIP numbers, have no relevance in connection with a cash distribution.
(DTC or NOT)

This is from,
WMI FREQUENTLY ASKED QUESTIONS (“FAQS”) … #20. (Link at Bottom)
Quote…
… It should be noted that
the Escrow CUSIPs are relevant solely to distributions of common stock from the DEE
and have no relevance in connection with cash distributions by the Trust.
End quote.

The above quote says…
There is no cash distribution with respect to the 3 Escrow CUSIP numbers,
CUSIP# 939ESC992, CUSIP# 9393ESC84 and CUSIP# 939ESC968.

Just to clarify the meaning of… “contra-CUSIP”

This is a Definition from…
Business Terms… dtcc.com

Quote,
“contra-CUSIP”:
The CUSIP used to indicate your tendered position (representing instructions submitted by Participants to surrender securities).
For example, a contra-CUSIP is set up to complete a reorganization function.
End quote.

Also,
“contra”, means: Challenging or opposing.
As in our, disputed shares.

So…
The reorganization function, was the distribution of WMIHC’s 5 million disputed shares.,

There’s no cash distribution with respect to the 3 CUSIP markers… only disputed shares.

This is from the DISCLOSURE STATEMENT… pdf page# 355/755 (Link at Bottom)

Quote…
…The Trustees may conclusively rely upon the distribution instructions received from the debtors or their agents with respect to contra-CUSIP positions and escrow positions set up by the Debtors or their agents with the Depository Trust Company, and the Trustees shall close and terminate the original CUSIPS after making initial distributions of Creditor Cash and shall have no further distribution obligations thereafter…
End quote

From this excerpt from the DISCLOSURE STATEMENT…
We can see the reference to the contra-CUSIP positions and the escrow positions.

And, that they are two different “Positions”.
Like the Debtor’s assets and the non-Debtor’s assets, being different.

The contra-CUSIP positions and escrow positions, are different from each other.
The contra-CUSIP positions does not distribute cash, (Like some are advocating)
and the escrow positions does not distribute shares.


The contra-CUSIP positions is for the distribution of the disputed shares.

And,
Whether you’re a note holder, creditor or Equity holder, your escrow position is your Claim on account.

So, with respect to the preferred and common shareholders.
Our…
escrow position, is for the distribution of the $307 Billion Dollars in non-Debtor’s assets.

The escrow positions,
were created when the bankruptcy court agreed with our claim,
and it was based on our original shares.
Which is based on liquidation preference amount of our original shares.
(Which includes all shares released or not)

Also, our escrow position has nothing to do with our release… (the contra-CUSIP positions)
And has nothing to do with Coop…

The release was so that we can receive our new company shares.
The 3 CUSIPS numbers, was so that we can receive the new company, disputed shares… if they were allocated to us.

WMIH and Nationstar is the new company… which is now Coop.

But,
WMIH was the Disbursing Agent for the new company shares.
And the Disbursing Agent for the new company, disputed shares.
Also,
WMIH was the Disbursing Agent for the Runoff Notes.

And now…
WMIH is the Disbursing Agent for the old shareholders, non-Debtor’s assets.
Which is $307 Billion Dollars in cash… plus interest.

This is how I see the numbers…
I believe the Deutsche’s Bank MBS lawsuit amount, is included in the creditors and note holders $7.3 Billion.
(If not, subtract $3 Billion from common shareholder’s amount.)


So,
From $314.3 Billion Dollars in, Total assets.

$7.3 Billion went to the creditors and note holders… and the DB lawsuit.
$7.5 Billion will go to the preferred shareholders…

And the rest
$299.5 Billion Dollars, will go to the, Common shareholders…
released, and/or not released… all treated equally.

Divided among the 1,704,958,913 total common shares
Plus, the interest…

So, about the 3 Escrow CUSIP numbers.

If you believe,
we will be getting paid cash for the 3 Escrow CUSIP numbers,
CUSIP# 939ESC992, CUSIP# 9393ESC84 and CUSIP# 939ESC968…
Which are the markers.

Then you are confusing our contra-CUSIP positions with our escrow positions…

They are separate.

This is just my thoughts and opinion,
and how I see it in the documents,

Just let me say,

I think…
The escrow markers, is WMI’s most misunderstood topic...

Other than…

The safe harbor assets…
The bankruptcy remote assets…
Disputed Equity Escrow shares… Escrow CUSIPS…
Common Equity Interest… Preferred Equity Interests…
Liquidating Trust Interests… the Liquidating Trust…
The debtors, the non-debtors… the Reorganized Debtors… Reorganized WMI…
debtor’s assets… non-debtor’s assets… MBS… ABS…
The releases… the REIT… Washington Mutual Capital Trust 2001…
WMI… WMB… WMIH… Coop… and the 75/25.

Other than that, … I think we’re all spot on… ;)

Thank you for reading my Post…
I wish you all the best.

All IMHO and GLTA…

Stay safe… Stay healthy

Jiminy…
Jiminy Christmas…

Just my opinion, research and curiosity…
Not intended to serve as a basis for investment in any security of any issuer. GLTA

FINDINGS OF FACT, CONCLUSIONS OF LAW, AND ORDER CONFIRMING THE SEVENTH AMENDED JOINT PLAN
DISCLOSURE STATEMENT
WMI LIQUIDATING TRUST FREQUENTLY ASKED QUESTIONS (“FAQS”)