Mr Cooper Group Inc fka COOP

[Jestiron]

Just an FYI to the others about "Avoidance Powers" from the Bankruptcy Chapter 11 Link (below). Coincidentally, I posted this last week as well....

"Avoidable Transfers

The debtor in possession or the trustee, as the case may be, has what are called "avoiding" powers. These powers may be used to undo a transfer of money or property made during a certain period of time before the filing of the bankruptcy petition. By avoiding a particular transfer of property, the debtor in possession can cancel the transaction and force the return or "disgorgement" of the payments or property, which then are available to pay all creditors. Generally, and subject to various defenses, the power to avoid transfers is effective against transfers made by the debtor within 90 days before filing the petition. But transfers to "insiders" (i.e., relatives, general partners, and directors or officers of the debtor) made up to a year before filing may be avoided. 11 U.S.C. §§ 101(31), 101(54), 547, 548. In addition, under 11 U.S.C. § 544, the trustee is authorized to avoid transfers under applicable state law, which often provides for longer time periods. Avoiding powers prevent unfair prepetition payments to one creditor at the expense of all other creditors."

Link to Quote:
http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter11.html#equity

Thank to you and Mord! You guys are the lighthouse in the fog!

AJest