Mr Cooper Group Inc (COOP)

[wwhatthe]

UpTickMeASAP

Thank you for Posting.

You are right, when you stated…

Quote…
Escrows were deleted, deemed worthless, with no further distribution, by order of the trust.
End quote.

But,
You’re only talking about the assets at the WMILT,
more specifically, you’re talking about the 5,329,499 shares in dispute.

The WMILT pays the creditors and distributes the new common stock.
That is what Doreen Logan is charged with.

I’m sure you would agree…
In doing research…
The first thing we should understand is… who is who and what is what.

Here’s information we all should consider.
It’s about WMB’s Total Assets. (LINK)

Quote,
SUBJECT: Washington Mutual Bank,
Henderson, Nevada
Failing Bank Case
Total Assets: $307.022.00,000 (as of June 30. 2008) (LINK)
Retail Deposits: $ 134.700,000,000 (as of September 17, 2008)
Uninsured Deposits: $8,452.029,625 (as of September 17, 2008)
End quote.

All of WMB’s assets are at the FDIC,
not at the WMILT.

These assets were sold to JPMorgan Chase… by the FDIC.
And the Deposits were transferred to JPMorgan Chase.
If we look at page 54 of the Disclosure statement… (PDF page 235/755, LINK)

This is a visual representation of WMI’s corporate organizational chart
prior to the FDIC Receiver’s seizure of all of WMB’s assets.

Everything in blue was at the WMILT… which was about $7.3 Billion Dollars in assets.

We’re interested in everything in green. which are WMB’s assets… $307 Billion Dollars in assets.
The WMILT pays the creditors… the WMILT is closed… Which means, all creditors are paid…
Which also means, all of WMB’s assets are now all equity.
Total Assets: $307.022.00,000

But,
With respect to the Escrow CUSIPs/ Escrows markers.

This is from the FAQ. #20
It explains that,
The Escrow CUSIPs are for the common stock distributions… from the Disputed Equity Escrow Account.
They were not for any cash distributions… (And there lies the confusion)

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.

Again…
WMB’s assets are not at the WMI Liquidating Trust.
WMB’s assets are at the FDIC, (seized by the FDIC)

So,
The Escrow CUSIPs, are about the distribution of the new common stock.

The last of the new company common stock in the DEE, have all been distributed,
The Escrow CUSIPs are no longer needed…

And so,
the Escrows CUSIPs were deleted… (As per Doreen’s email)

But, again…
we’re not interested in the Escrow CUSIPs/ Escrows markers…

Because…
We don’t get paid for our Escrow CUSIPs/ Escrows markers or Escrows shares.
We get paid for our original WMI shares.
which represents our equity interest in WMI…

Preferred Equity Interest is defined as…
“An issued and outstanding share of preferred stock of WMI prior to or on the Petition Date”
That’s your original shares…

The Petition Date is September 26, 2008
The Effective date is March 19, 2012.

Common Equity Interest is defined as…
“one of the 1,704,958,913 shares of common stock of WMI issued and outstanding as of the Petition Date” …That’s the original shares.

In Annex C,
it States …
…Further, distribution to Tranche 6 will be shared 75% and 25% pro rata between claims on account of Preferred Equity Interests and Common Equity Interests, respectively.

As an example,
The Preferred Equity Interests claim is $7.5 Billion Dollars. Based on our Stock Prospectus,

If the initial distribution was $4 Billion Dollars…
$3 Billion would go to the Preferred Equity Interests. (75%)
$1 Billion would go to the Common Equity Interests… (25%)

And so on…
Until the Preferred Equity Interests is paid in full. (APR)
Then the rest goes to the Common Equity Interests.

The Preferred Equity Interests and Common Equity Interests, is outlined in the Stock Prospectus.
The following provisions kick in… in the event of certain “reorganization events”

The anti-Dilution Adjustments…
which are our, new shares in the new company… If you released. (done)

and,
The Liquidation Rights…
which comes into effect after satisfaction of all the liabilities to creditors. (The WMILT is closed)

For the Preferred Equity Interests its $1,000 per share… Plus, interest.
For K’s its $25 per share… Plus, interest.

For Common Equity Interests, its whatever is left, divided by the 1,704,958,913 Common shares

Again…
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.

Thank you for posting.

Stay safe… Stay healthy

As always…
Just my opinion, research and curiosity…

Good luck to you.

Wwhatthe