Mr Cooper Group Inc (COOP)

[Brahms]

Yeah, it seems that this massive rip tide is pulling down all the boats, affecting all sectors and companies, regardless of their true worth.

Can anyone counter the naysayers' counterclaims about the worth of the assets? My understanding is that they claim that the $32b actually reflects the value of Washington Mutual Stock prior to the bankruptcy, but which of course is now worth only $0.08 per share.

From fool.com article:

In other words, Washington Mutual bondholders don't have the bankruptcy claim on the company's assets that they thought they did. The government just appropriated those assets and handed them to a better politically connected company. What's left of the old Washington Mutual may have some assets that followed it into bankruptcy, but even those assets aren't quite what they originally seemed. In a recent SEC filing, Washington Mutual disclosed:

In its chapter 11 petition, the Company reported that the amount of assets reflected on its books and records was $32,896,605,516. However, this amount includes the Company’s common stock interest in Washington Mutual Bank, which is currently in receivership and the assets of which have reportedly been transferred to JPMorgan Chase & Co. or an affiliate. The FDIC, which was appointed the receiver for the bank, indicates on its website that it does not anticipate that there will be any recovery to the Company for that common stock interest.




Thanks.
Brahms