Mr Cooper Group Inc fka COOP

[climberprof]

Mordicai

On the previous post it says that:

"The recent amendments to the Bankruptcy Code impose a hard deadline of March 10,2010 on the Debtors' exclusive period to file a chapter 11 plan. If the Debtors recover the Deposits from JPMC, they will be well-positioned to file a plan in advance of their exclusivity deadline. Without the Deposits, however, the Debtors will not be able to construct a viable plan beneficial to their creditors."

".....beneficial to their creditors." --> Is this a regular BK language?

I know that the job of the WMI lawyers and the BK court is to maximize the receovery for the creditors, is that right? So, does this means that they do not have to, at least by law, care anything about the commons share holders?

This always puzzled my mind. As long as the WMI lawyers get the %100 recovery for the creditors then they did their job perfectly. I hope this is not true but I would love to get your comments on this.

Thanks in advance.
Best
Climber