Mr Cooper Group Inc (COOP)

[JohnnyWinter]

18 September 2008 - The Wall Street Journal

TPG move opens doors for Washington Mutual

"Washington Mutual received a critical financial concession from its largest investor, setting the stage for the beleaguered thrift to raise more capital, divest branches or sell the entire thrift, according to people familiar with the situation.".......

"Those efforts moved forward yesterday when private equity firm TPG (formerly called Texas Pacific Group), which led a $7bn capital infusion into WaMu in April, let drop a provision that provided downside protection to its investment."

http://www.wealth-bulletin.com/home/content/2451865128/


They willfully gave up their "protected" status
a while ago.

If you see one of the articles below, you will read that TPG wrote down their investment and imo, they are just waiting to sell. There have been references in the court filings about the removal of restrictive legends recently, and imo, it is almost time for the shares that TPG does have left to maybe hit the market. You be the judge on that one because I can't predict the future.

I know that Toscafund sold out, and they were part of this same deal.


"Toscafund, the London-based hedge fund set up by Martin Hughes, a former executive at Tiger Management, is believed to be another big loser from the deal. The hedge fund revealed on July 31 that it had amassed 105 million shares in WaMu, amounting to a 6.1 per cent stake and making it the second-largest investor in the group. That holding, which was valued at $500 million on July 30, the day before Tosca’s share purchases came to light and boosted WaMu’s stock by 20 per cent, is now worthless. "

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4833529.ece

I believe they may have cost WMI some of their NOLs as indicated by a recent billing document.

Also, I find it odd that the # of shares that AF and VG have are just about equal to the # of shorts that were out there from the get-go. Probably just a coincidence though.


Here are some other articles about TPG and WaMu.

"Tuesday, April 8, 2008
Washington Mutual raises $7B from TPGDallas Business Journal"


http://dallas.bizjournals.com/dallas/stories/2008/04/07/daily15.html





"Untapped private equity could help banks recover"
Mon Jan 26, 2009 3:18pm EST

"Some private equity firms have already been burned by being too quick to invest in the banking sector, most notably Texas-based TPG, which lost $1.35 billion in an investment in Washington Mutual."


http://www.reuters.com/article/reutersEdge/idUSTRE50P6GJ20090126


"TPG writes down recent buyout fund by 29 pct -document
Wed Mar 18, 2009 9:43pm EDT"

http://www.reuters.com/article/rbssInvestmentServices/idUSN1830358020090319

"TPG had a total investment in WaMu of $1.35 billion but that was spread across three of its funds."

(from page 2 of that article)

"TPG to let clients cut funding pledges: source
Tue Dec 23, 2008 10:31am EST"

http://www.reuters.com/article/americasPrivateEquityNews/idUSTRE4BM0SR20081223