Mr Cooper Group Inc (COOP)

[DJN]

From Google board...

This is the most information we have to date!!!!!

http://www.kccllc.net/documents/0812229/0812229081020000000000003.pdf

The WMB noteholders are creditors to the BANK not the HOLDING COMPANY
(WMI). They claim approx $2B in lossed from WNB fsb, not WMI
directly.
Note that this approx. $2B is nearly exactly what JPM gave the FDIC.
Then the FDIC says to submit claims against the "bank". Perhaps that
is why JPM gave them $2B- to cover those claims.
Also remember the FDIC did not "consider claims against equity holders
in WMI". So basically the FDIC GAVE FREE OF CHARGE the whole banking
business to JPM and asked for $2B in return to cover the potential
claims against WMB fsb.

Some interesting points: the WMB noteholders group is of the opinion
that:
1) The bank was unjustifiably siezed- it was "unquestionably solvent"
2) WMI did not inject the capital into WM Bank to save it (perhaps it
didn't need to......)
3) The 1.9B from JPM goes to WMMI; the FIDC does not keep it
4) WMI has a significant tax refund coming
5) There may be money in the future "as a result causes of action in
respect to the events leading up to the recievership" (FDIC/JPM is
sued for damages)
6) US Attourney Sullivan in conjuction with the FBI,FDIC, SEC and IRS
is investgating the siezure from which "fair funds provisions" may
result.

BAD news: The WMB noteholders say there is $14B in senior and
suboordinated notes owed, not the $8B WMI claims it owns. But they
admit they are unclear about what is really owed.

Here is a neat part:
The FDIC does NOTHING to defend the accusations of the siezure claims,
it just wants rights to the money if justified like JPM does.
http://www.kccllc.net/documents/0812229/0812229081020000000000007.pdf

So we are back where we started: We don't know the assets of WMI and
the $4.5B is theirs but they cant get at it.
But it does sound like there will be a very close look at the
justification of the siezure....

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