Mr Cooper Group Inc (COOP)

[survivor Spain]

Z, I think the reporter is right. He doesn't mention as source any motion. He mentions "WM's attorneys" as the source.

Besides this, I checked in detail the motion about "lease contracts" filed on 20th, and it does not blame FDIC as the source of delays or problems. It's just a generic statement that WMI has difficultities to find all documents - among them the ones related to the "lease contracts".

My conclusion is that his source is not a court document.

WMI has not formaly requested an extension of the exlusivity period yet (filing a motion in the court) .

But they have leaked to this journalist that they are having problems to build up a plan because of the FDIC ...

IT'S THE JOURNALIST VERSION OF WHAT THEY LEAKED TO HIM WHAT WE READ. It's not WMI's statement.

We still do not know formally if WMI will request extension of exclusivity (my bet) or will present a plan.

I am sure that if they present a plan, such a plan will count - among many other things - as a fact the ownership of the 4.4B, the rights to certain % of tax return as well as an eventual future litigation against FDIC.

What they have leaked to the press is that FDIC is becoming THE PROBLEM for their restructuring ..

the journalist and his readers will know that ..

..if they present a plan, this plan is likely to be contested by FDIC ... and will likely be hostile to the FDIC

and if they ask for an extension ...

.. it's because FDIC is making it impossible to build up a plan.


WHAT I REALLY LIKE HERE:

-- my experience is that once you leake an extreme of the string to a journalist, he will keep pulling from it ( the original source ) as well as will look for more diverse sources ..

we have now a journalist in a major financial paper smelling news ... it should not be difficult for WMI's attorneys or from these posters to keep feeding him with some facts that make up good reading ....

... FDIC statement about WMI well capitalized before seizure
... FDIC accepting only one bider in hours
... FDIC closing the deal days before the bailout voting
... FDIC not communicating in due time and in writing to WM management the risk of seizure, but discussing it with 3rd parties in the back
... FDIC statutory and literally written responsability to maximize the return to the previous owner once the seizure has been executed and the deposits granted ( facilitating diverse bids, etc, etc )

... the whole story we all know about can help this journalist to pull a string with a good set of regular readings...

SOMEHOW IT'S THE FIRST TIME THE SILENCE IS BROKEN... AND THIS IS SIGNIFICANTLY NEW.