Mr Cooper Group Inc (COOP)

[InfamousMP]

Good post from the yahoo board:

http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_W/threadview?m=tm&bn=86316&tid=379655&mid=379655&tof=9&frt=2

Okay, if there's going to be an announcement of a 'global understanding', it will be before the hearing at 11am tommorrow. WMI agreed to a 1 week delay at the request of JPM and the FDIC with the court concurrence with the undoubted assurance of all parties that fruitful discussions already had occurred that would lead to a resolution. If there is no such resolution, the court is going to be extremely unhappy as it would have been both a misrepresentation of the status and a waste of the court's time and both are things that the overcrowded bankruptcy courts do not take lightly.

The handful of media account suggested that the 'global understanding' was for the $4 billion SJ but not for the larger case. That seems unlikely as there would have been no good reason for WMI to have agreed to a 1 week delay over just the SJ motion decision. Also, the delay was allegedly to allow JPM and the FDIC to do due diligence which would be pointless for the SJ decision by itself as there would certainly be a procedure after such a decision (assuming it's in WMI's favor) for JPM and WMI to work out the details of the transfer of the funds. No, the 'global understanding' was for the whole shooting match and if it does not happen before the hearing tommorrow, counsel for JPM and the FDIC are likely to have lost an enormous amount of credibility with the bankruptcy court which will seriously hurt their ability to prevail in future action.

In the absence of a settlement, the most interesting things coming up (post-SJ ruling) are the EC motions to intervene and to hold a shareholder's meeting, followed by the reorganization plan.