Mr Cooper Group Inc (COOP)

[fsshon]

My article tomorrow afternoon: Judge says JP Morgan Chase must return 4.4 Billion dollars in cash to Washington Mutual Inc the bankrupt holding company of WAMU. In a statement "as per the contract of the Purchase and Assumption agreement executed by the FDIC on Sept 25th 2008 when the failed bank was seized and sold to JPM." Delaware Judge Mary Walrath handed down her decision citing the need to follow the terms of the contract the FDIC used when it sold the thrift to JPM. "It is under my assumption that JP Morgan agreed and executed a writ that detailed and executed their acceptance of the terms of the Purchase and Assumption agreement and in doing so binded themselves to these terms!" I am ordering JP Morgan to immediately return the cash in the 6 demand deposit accounts to the estate. so it can be used to help determine settlement of creditor and ebtor debts.

In a swift motion the order for Summary Judgement was approved by the court and executed. JP Morgan said they will appeal the Judge's decision to the appelate court Robert Sachs of Sullivan and Cromwell Attorneys for JP Morgan stated " it is our understanding that this judge has over stepped her bounds and misinterpreted the law to her liking, she discounted our argument and ruled from the bench instead of following Congress clear and concise interpretation of contract and banking laws, we will appeal to the appelate. In a separate statement Brian Rosen of Weil, Gotschal and Manges attorney for WMI stated "this is just a series of victories we expect to win to show the public what happened to our company and how the contract the FDIC executed with JP Morgan was legally flawed and allowed the FDIC to overstep its bounds as determined by Congress. Thne FDIC is not allowed to seize an entire bank holding company toddy and this judge has proven that this is the case and shall be never be legal in this justice system. We thank the court for approving the motion for Summary Judgement and expect to argue more counter-claims in the coming days as this case progreses forward. We will prove the contract the FDIC used in the sale of WAMU to JPM should be discarded and a new legal one drafted that will allow the estate the proper recovery and turnover of its assets that JPM has illegally and wrongfully withheld from the parent. This is a victory for all of all Americans!

In a separate statement. David of the FDIC stated "this decision will be repealled to DC, the FDIC must have the abililty to determine the terms of a contract after it is forced to seize and sell a failed bank. Washington Mutual was a failed and insolvent institution that needed to have the FDIC intervene, to protect the depositors. The FDIC followed the laws in of FIRREA and the FDI act when executing and drafting the contract with JP Morgan. We will be working together with JPM to get this decision reviewed as quick as possible and to stay this decision from being executing. Our process and authorized ability to function as the America's bank insurance fund is jeopardized because of this erroneous decision by this Judge.

In a separate statement blah blah of blah blah said even if the estate is too recover the cash, it is still not enough to bring the parent company out of the huge hole that has been in regards to its debts. In a rebuke of this statement blah blah of Alvarez and Marsal the accounting fim handling WMI's BK case, stated "this decision is monumental and will help the parent find the footing it has been needing in BK court, it will help pay off crediors and allow the parent to get 1 step closer to emergence from BK court and operate as a viable entity.The FDIC basically transferred all the assets of WMI to JPM in the transaction violating its rules of charter and incorporation. A spokeperson for JPM stated " we were expecting this decision this money is currently not on our balance sheet and this decision does not affect our capital liquidity position."

A spokesperson for Lehman Brothers the failed investment firm in Chap 11 BK court in NY stated "this decision will be viewed as monumental and we be an asset to our case" Lehamn Brothers is suing Barclay's in BK court for return of its assets that it says BARCLAY'S inappropriately acquired in its buyout of them in Sept 2008.

There you go how's that for being objective today?

~Fish~