Mr Cooper Group Inc (COOP)

[thepennyguy]

Summary Judgemets rarely approved, however in this case JPm has not presented sufficient evidence to prove or diprove WMI claims to the 4B. My concern however and the reason for the lengthy hold up has been the FDIC. A summary judgment or party moving (applying) for summary judgment is attempting to eliminate its risk of losing at trial, and possibly avoid having to go through discovery, by demonstrating to the judge, by sworn statements and documentary evidence, that there are no material issues of fact remaining to be tried. If there's nothing for the jury or trial in this case to decide, then, the moving party asks rhetorically, why have a trial? The moving party will also attempt to persuade the court that the undisputed material facts require judgment to be entered in favor of the moving party. In many jurisdictions, a party moving for summary judgment takes the risk that, although the judge may agree there are no material issues of fact remaining for trial, the judge may also find that it is the non-moving party who is entitled to judgment as a matter of law. (not the case here) If the FDIC presents documents ligitimate or not to counter or prove beyond a reasonable doubt that it belongs to them a trial will be set.
Techinically as the receiver it should have take any distributions made the estate and pay creditors. As we saw early this week FDIC inherited a lawsuit that Wamu had initially started.
The discussion however is that the holding company is a different entity from WMB. As I see it, the money was a deposit just like any other patron of the now JPMC and should have been returned upon request. If the FDIC felt it was entitled, they should have motioned only after that deposit had been transferred to the holding company. The motion from the FDIC attempting to intercept 4B now will probably denied, however I don't feel that will be the end of the 4B saga.


IMO, no matter what THJMW decides it's a win , win for wamu. If wamu is awarded SJ it will be a win and simply nulify jpm's dispute as well as put them on warning that something very illegal happend (buying a comapny for 1.9B and including a 4B deposit)
If however THJMW sets this motion must be disputed in a trial, this fairs well for wamu as now it would be entilted to damages 3X
Although this will rape the common pps temorarily for the traders that are holding long to this stock it will be a win in the end.

this is all IMO. GO EC/CROSS/JOYCE




the SJ information I picked up from wiki
http://en.wikipedia.org/wiki/Summary_judgment