Mr Cooper Group Inc (COOP)

[mordicai]

In order to decide the "procedural" aspect one must first decide the jurisdictional aspect. The fdic asserts that the filing of the holding company claim within the fdic receivership was the initial proceeding. Perhaps not. Maybe the bankruptcy filing itself will be determined to be the initial proceeding. If the deposits are determined to be the assets of the holding company, the automatic stay was in force at all times over those deposits. The fdic could not even trigger the p and a clause it now cites, because those deposits were under the automatic stay. In its fdic claim, weil even stated it was filing the claim without prejudice as to its claim as a depositor of jpm. So I would expect the holding company will argue this point. IF the bankruptcy judge sees it as an asset of the holding company from day one, the bankruptcy court had jurisdiction first.