Mr Cooper Group Inc (COOP)

[SlyOne]

Today was a good day.

Some Newbies left.
Some Newbies entered, saw the drop, and will leave $.20 higher.
Some Newbies entered, and will stick around.

The long-time owners will ponder: what's next. Some will laugh it off, like I did. The volume showed that there was interest in this stock. This great news!

Fundamental: The Texas ambush was real. Yes. WMB bondholders are still there. They still have losses.

An interesting point of note, was the WMI bondholder arent as worried as they once were. Their WMI bonds have recovered alot. They are there to make sure that they dont lose their place in claims order. But, their claims are manageable by WMI, because the debt is trading at or near fair value. This means there shouldnt be a payout to WMI bondholders. They get nothing, because will lose nothing from the WMI exit from BK. The will recover missed coupon payments. Since Sep 25, 2008, there is only $2.5 billion of debt that has matured (unlike men, we never mature. Some women think were dont mature, because we are all just plain manure). This is great news for debt holder and EC. IMO: Lower the expected payout to WMI bondholders. Unless, Unless, There is a debt convant that says that on BK exit, the debt obligation is paid in full, or bonds are putable. The debt has attractive yields, The debt holder would not want to return them back to WMI.

I read somewhere today that WMB bondholder may need to sue WMI to recover losses. This could happen. But FDIC took responiblity for the those bond. WMB bondholder should sue FDIC receiver, They declared the bonds worthless and removed WMB ability to pay coupons. FDIC receiver should make WMB bondholders whole. Because of the WMI corporate shield, I believe the Q's are protected. If this is not the case, the horror, the utter horror, WMI and F'DIC will be on the same side of this part of legal case fighting against WMB bondholders.

Bottoms up.









This was a great day for long term equity