Mr Cooper Group Inc fka COOP

[Cupra09]

Re: JPM Letter To Judge Sleet 1 minute ago
Thanks, Ghost. It is very generous of you to look out for us like this.

From: Bopfan

This is evidence of sheer desperation on JPM's part.

This letter is so ludicrous as to be insulting to the District Court. The turnover action is based on the simple question of whether the $4 billion is a deposit vs. a loan or capital contribution. Whatever its character, there is no question that WMI has an interest in the money. A debtor's estate includes all property in which the debtor has an interest. 11 USC 541. As such it is a question about the scope of WMI's estate, an issue squarely in Judge Walrath's province. Imagine what would happen to Chapter 11 if a Bankruptcy Court did not have the authority to determine the scope of estate assets?! Moreover, it is a matter of statutory law that a turnover action (11 USC 542(b)) is a core proceeding (28 USC 157(b)(2)(E)), so the Lubin case (which is based on director liability, not property of a bankruptcy estate) is inapposite in any event.

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I really hate to say this, but i like bopfan's writings. damn.