Mr Cooper Group Inc (COOP)

[DudeBug]

It could not be proven that WMI is hopelessly insolvent (which is all that was needed for the EC to stay), however, it could not be proven that WMI is not hopelessly insolvent (which wasn't needed).

With the EC having access to ALL financial documents, claims information, and the potential value of settlement negotiation, there IS NO WAY the Debtors can file their exclusivity re-org plan that excludes equity without it not only being challenged by the EC but thrown out by the Judge. Judge Mary really doesn't like it when any of the lawyers present bunk to her or challenge her knowledge ... she tends to put them in their place!! Don't think Rosen will take that chance to have her chastice him again and lose his exclusivity.


Everybody's @$$e$ are now covered (so nobody can accuse the UST for not trying) and the little man that goes by the name of Gregory Cross will be sitting at the table in his little chair watching the creditors eating their cake.

First of all, the UST requested the EC formation based upon THEIR knowledge. They didn't do it to protect themselves ... they did it to protect equity. And ... they've done a very good job of it.

Also, the assets will be there to make the creditors whole and they will no longer have a voice in the re-org. They will be done ... they get no more.

Obviously you weren't in the courtroom on 1/28 ... Gregory Cross is anything BUT a little man .. in size and knowledge!! I'm sure he can't wait to add his WMI EC success to his impressive bio (I know he doesn't have message board basher listed .. and what the hey) but this part is very telling of his abilities:

"Has led several fraud investigations and conducted trials involving complex international transfers of assets. Created denial of discharge and fraudulent conveyance records which have led to criminal convictions for bankruptcy crimes." www.venable.com/gregory-a-cross/