Mr Cooper Group Inc (COOP)

[JohnnyWinter]

If they took all of their cash and paid their creditors (which won't happen), then they would be left with no money, and subs that have no money, which would result in the inability to continue to operate.

The most reasonable way out of bk, is to cancel the commons, issue new paper, pay off the creditors in part cash part new paper (or all new paper if they would agree) wipe out the stockholders (common move in bk AND smart), and continue operations with a new business plan.


No matter what, they don't have crap for cash and neither do their subs.

Here is what the bank and ALL OF THEIR SUBS had in June of 2008.

WASHINGTON MUTUAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(UNAUDITED)

Cash and cash equivalents
$ 7,235,000,000

http://investing.businessweek.com/research/stocks/financials/drawFiling.asp?docKey=137-000104746908009146-3LHC7FD3JJ2I56DJVCP9H8G53A&docFormat=HTM&formType=10-Q

After the seizure, they don't even have that much, but even if they still did have that much, they would have to give it all to their creditors.

Tell yourself whatever you want about the subs and how much cash they have, but WMI and its subs hardly have any cash whatsoever, and that is a FACT.