Mr Cooper Group Inc (COOP)

[VPbanker]

I was there on the initial round of offerings by JPMC, WFC, etc. (for a buy-out) that occurred before TPG engaged WaMu for the private funding offering...those 'discovery teams were given all of the information they needed to make acceptable bids. They could have treated WaMu like Wachovia but they didn't. I think that once discovery happens JPMC will be forced to provide the original documentation on the original round of bids (before TPG) and the lid/gloves will come off....

The Judge has a right to acquire the bids, valuation documentation and summary for justification for their original bid through 'discovery. The judge would then compare the "deal" JPMC manipulated with the Fed seizure...versus what they originally 'bid' for WaMu (priori to TPG). the Numbers won't match and JPMC will NOT have a justifiable reason to explain to the judge why the original offer was 10x what that actually paid after the seizure....
I'm fine with the discovery results or settlement before court- JPMC knows they didn't follow quite a few laws including the ERISA issue