Mr Cooper Group Inc fka COOP

[survivor Spain]

My take on FDIC move to grasp the money:

1.- JPM lost the money. I think now this is a fact.

2.- In essence FDIC argument to get hold of the money is based on the fact that this money may be needed to offset the future potential result of the claims and counterclaims WMI and FDIC exchanged in the DC court. There is not any litigation between WMB/JPM and FDIC.

3.- By point 2, FDIC somehow recogizes that the 4B are WMI's money and not WMB money. They want the 4B "at hand" to protect themselves so they can get paid in the future if WMI (not WMB)loses against them in the DC court.

4.- On the other hand ... if it's WMI's money, then ... the P&A is not applicable, since it's applicable only to WMB assets. And the only argument for them to initiate this move is based on the P&A, which by default is not applicable to WMI's assets, only to WMB's former assets.

5.- Even in the case that there could be any doubts about the applicability of the P&A ( 2,3 and 4 indicate that it is not applicable ), then with this move FDIC is just trying to get priority to get paid ahead of other creditors who have real, not diputed and proven claims. These creditors would not access the money just because a newcomer ... FDIC could eventually become a valid creditor in the future and just in case it wins in DC court, and subsequent appeal courts..

If I understand minimally the BK judges role, ... their duty is to protect real and valid creditors, not at all potential future creditors.

CONCLUSIONS:

- If the BK court rules that the 4B are WMI's money, the P&A is by default not applicable. So FDIC's move does not hold water.

- Even if for any legality, there are any doubts about the applicability of the P&A, why would the BK judge accept to give priority to FDIC potential/future claims ahead of current valid creditors? .. Again I don't see how this motion can hold water.

- What this motion does for sure is damage JPM, who loses the 4B depoit. (they really never owned it,.. in fact they really never accounted the 4B in their books as theirs but as a deposit).

Cheers!!!