Mr Cooper Group Inc fka COOP

[lodas]

yo ron??..... your assertion that 20.77 billion in RE was placed in a T-Bill is a crock, because of the following reasons...
(1) in order to buy a T-Bill would require cash for purchase... according to Fishman's letter to the OTS. he made no mention that WMI had 20.77 billion in cash to shore up the Tier 1 value of WAMU bank... in fact, Fishman suggested that he could convert the preferreds to common to avoid the dividends, and also raise CASH AT THE FED DISCOUNT WINDOW....
if he had 20.77 billion in cash, why would he have to BORROW money????
(2)...The WAMU banks were seized by the OTS when depositors withdrew 16 billion in deposits....you said WMI had 20.77 billion in cash, so WMI still had about 4 billion dollars to assure the OTS not to close the banks down...
(3) WMI filed chapter 11 protection for owing a mere 6.9 billion in Secured Creditors Claims, well short of the 20.77 billion you say was placed in a T Bill... so, why did WMI need to file chapter 11, when they had about 13 billion in excess capital to satisfy Creditor claims???????????
(4) finally, there is no record in any filings that state 20.77 billion dollars in CASH WAS REMOVED FROM WMI BOOKS AND PLACED IN A T-BILL....such an amount would have a money trail attatched to it, and the Equity committee would have surely made an issue of shareholders money being removed from a balance sheet and moved somewhere else.... so,in the absence of any documentation of your assertion that 20.77 billion was placed in a T-Bill, your post is bogus, and an attempt to attenuate your belief that money is coming back.... Lodas