Mr Cooper Group Inc (COOP)

[XOM]

Very logical and convincing post, byrddog
WMI's claims against formation of an EC hinge on regarding themselves as a typical debtor in bankruptcy, charged with formulating a plan to pay down creditors and winding down its estate. Meanwhile, it pursues expanded discovery in alleged business tort claims, with damages potential up to 3X original value of loss. This duality is evident to even uninterested eyes and is not lost upon the scrutiny of the United States Trustee and the Court.

WMI's latest filing derides the EC's "math" and seeks to thwart an apparent "gift" to shareholders who seek to profit from these cases, while obviously failing to include those who lost due to the seizure, numbers far greater than the brave ones who averaged down their losses in hopes of an equitable resolution, and the fewer still who are wholly invested post-seizure. Indeed, WMI's argument could be turned upon WMI Noteholders who sat in on the first attempted settlement discussions in early 2009. Those negotiations (and confidentiality agreements) broke off and now WMI bonds are trading in 1MM blocks at par.

Shareholders' interests deserve a seat. WMI's assertion of $50B of claims against the estate have not been resolved and are, at very least, disingenuous. If WMI is attempting to do what I believe they are doing (negotiating a deal with JPMC to pay off the Noteholders, reorganize through issuance of new equity for this Group and pursue claims against the FDIC), I hope the Court squashes its scheme.

There is no "gift" regarding WAMUQ. There is only legal remedy.

Best wishes to those of us attending the hearing on Thursday. Wear your Sunday best and represent shareholders across the country with dignity, respect, and that ol' AMERICAN NEVER GIVE UP SPIRIT!