Mr Cooper Group Inc (COOP)

[AZCowboy]

~ "Obsession" ? With WMI's MBS File ?, Quite A Poor Descriptive', What I Did Do Was Study Plan 6', its failings, and the necessary Transition To "7" The Dominant "Approved" Reorganizations Document "The Disclosure Statement" ... Applied The Judges Signed Court Orders, Specific to Form Regarding ONLY the "Holding Company" and Moved Forward With The Reorganized WMI', ... First to WMIHC, then to WMIH ... now simply trading under symbol COOP' with the application of an incomplete SEC Corporate Structure' (legally allowed) ~

For anyone to be concerned over the potential recovery's, the Disclosure Statement revealed the Directives, and regarding any (P or K) preferred offerings, the original WMI then transitioned into the WMIH Preferred Managing Sub, revealed the accounting, ... managed under the PMI Insurer' WMMRC, Now Dissolved ... Oh and ... Sorry But The 75/25 distribution ratio's went out' along with the completion of the "wmi-lt" ... those ratio's were never going to happen' ...

And, Those numbers ?, are NOT ACCURATE' ... NOT EVEN CLOSE ...

Here is a bop post from BP today....she's miffed at AZ, unfairly I think. Maybe he refused to date her! LOL

« Reply #428 on: Today at 10:58:50 AM »
Quote CSNY/BOP/Alice
Everyone here knows my feelings about AZ but, to be fair, it was his obsession with WMI's MBS that caused me to sit down in 2014 and go over the SEC filings to figure out how much they could provide towards a recovery.

After I looked at the company's disclosures I understood its management would have tried to protect those MBS they retained (around $135B worth) as crown jewels. (They would not have sold them in the run up to the seizure because they probably wouldn't have got 5% for them (i.e., potential buyers would have smelled blood).) I also understood that if their lawyers were in any way competent they would have protected them through some kind of spendthrift trust device.

I realized the $135B in MBS (plus around $30B in credit card receivables) would grow organically. I discounted the $135B to a nominal amount of about $20B, then, understanding the players would not distribute that value, capitalized the figure and saw its potential value. I realized Dmdmd1 was spot on and adjusted my figures to utilize a recovery of $400B.

AZ is incorrect about 75/25 but deserves credit for focusing on WMI's guts and thereby showing us what it protected and how.

Do Your Own DD' (or not) and invest accordingly' (or not)

just sayin'

AZ