Mr Cooper Group Inc fka COOP

[InfamousMP]

I did speak with my attorney yesterday. His interpretation was that Weil has advised WMI to not list all the assets so that they can stay in Chapter 11 BK. Once they get the 4.4 Billion back, then they will start getting other assets back and the A > L for the reorg plan. He has done BK work for other companies and said Wamu is playing this perfectly.


EXACTLY!!!

This is exactly what Johnny and others are misunderstanding. $1.3 billion in liabilities is relevant of course for the time being, it puts WMI in protection of the BK court until it can get its deposit back and reorganization plan together. The liabilities that are shown currently on the MOR are merely an accounting tactic. If you read the 'fine-print' in the MOR you will see that this is exactly what is going on:

Top of pg 2:

DISCLAIMER:

"Washington Mutual, Inc. ("WMI") and WMI investment Corp. (together, the "Debtors") caution investors and potential
investors in WMI not to place undue reliance upon the information contained in this Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of WMI.

The Monthly Operating Report is limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the monthly reporting requirements of the Bankruptcy Court and the United States Trustee.

The Monthly Operating Report was not audited or reviewed by independent accountants; does not purport to present the financial statements of WMI in accordance with generally accepted accounting principles; does not purport to present the market value of WMI's assets and liabilities or the recoverability of WMI's assets; is in a format prescribed by applicable bankruptcy laws; and is subject to future adjustment and reconciliation.[b/]

There can be no assurance that, from the perspective of an investor or potential investor in WMI's securities, the Monthly Operating Report is complete. Results set forth in the Monthly Operating Report should not be viewed as indicative of future results. This disclaimer applies to all information contained herein."