Mr Cooper Group Inc (COOP)

[dragon52]

Responses from Bopfan - good reading his replies...



Re: hey bopfan,... 23-Jan-09 07:29 pm

"I'm even happier now that I know the claim against the FDIC (as required by 12 USC 1821(d)(3)) is a prerequisite for filing a lawsuit and a demand for money. This should silence the people who have been screaming that no settlment/litigation was intended, occurring, etc., etc. If WMI doesn't get what it wants through negotiations outside of bankruptcy court, it will sue the FDIC within bankruptcy court.

I'm very glad Herb asked me to interpret Tal's information because he wisely saw that on its face it could have created a panic."


Re: hey bopfan,... one more question 24-Jan-09 11:14 am

You said: "I am asking what is the relationship to this by 12/31 claim to a lawsuit and or settlement ---"

"If WMI had not filed the claim with the FDIC it would have been barred from seeking the money in an administrative proceeding against the FDIC. It can now pursue the administrative remedy and sue in the bankruptcy court.

This was a big step. The market knows nothing about this. If it did it would know that there is a chance -- a very good one -- for a recovery."


re: hey bopfan,... one more question 24-Jan-09 11:49 am


"Thanks, Steve. I understand why people are skeptical: they just don't know legal process and, especially, Chapter 11 processes. I am confident because I know the enormous powers of the bankruptcy avoiding rules. Once someone falls in the cross-hairs of a preference or FC action, unless he has one of the very limited defenses, he loses. The FDIC has none of the defenses. It's really that simple. The agency will have to pay up: we just don't know how much.

As for the board, as soon as it is resolved, I'm out of here, and maybe before it is resolved. The treatment Herb and Matt received yesterday -- for helping, not hurting -- was sickening."


Re: hey bopfan,... one more question 24-Jan-09 12:00 pm


"While I expect people to challenge me on facts or knowledge, what happened yesterday was unnecessary. These guys did nothing wrong and people who were 'friendly' turned on them.

As for me I think things are fairly predictable from here on in now that the claim has been filed. Unlike some others I don't think this will be a matter of years, or even many months."


Re: hey bopfan,... one more question 24-Jan-09 12:10 pm


"The politicians may weigh in at the end, but the FDIC will fight with fact (i.e., valuation of WMI's equity in the seized assets) and law until it becomes clear that they'll lose big. The agency must have the support of Capital Hill and the government has had enough embarrassment so I think the politicos will want it hushed up before litigation gets details of the seizure to the ears of the man on the street.

I don't believe WMI will have to file the FC, so all this will go on behind the scenes ("reconciliation", as Tal put it). I expect prices to jump just as the agency reaches a settlement if anyone on Capital Hill knows about the pending deal. The people in Washington can't keep their mouths shut."



Re: hey bopfan,... one more question 24-Jan-09 12:21 pm


"Thanks. The 12/30/08 filing of the FDIC claim was a MAJOR event that signals the beginning of the end. That and the wonderful word Tal used yesterday: "Reconciliation". Matt just confirmed its use again. This means heavy settlement dialogue. This mess could end very suddenly."


Re: hey bopfan,... one more question 24-Jan-09 12:27 pm


"Thanks a lot. Be very encouraged by what Tal of Weil Gotshal said yesterday. I am very, very glad Herb contacted me before posting yesterday. If he had posted the conversation verbatim, the communication would have cause real and unnecessary panic. The news he and Matt delivered of the filing and "reconciliation" (I love that word!) is terrific."


http://messages.finance.yahoo.com/Stocks_(A_to_Z)/Stocks_W/threadview?m=tm&bn=86316&tid=62265&mid=62265&tof=3&rt=2&frt=2&off=1