Mr Cooper Group Inc (COOP)

[fsshon]

Travel: Nice try !! OK ! Wow ! You really ranted on this one. I will try to help you out with some explainations.

The first one I would like to work on, is whether or not the BOD has responsibility to shareholders. That is a fine line and many here already are aware that the BOD can vote to extinguish their interest (shares) in the corporation, if it is necessary for the company to exit BK as a "solvent" one with restructured debt and a new outlook on life. Many companies have had to do this as part of their POR and that my friend is LIFE! We are investors in a company, we know the current board is the ones who got WAMU into this jam, that put them in Walrath's courtroom. To give WMI a chance of survival the current board must be removed and new board of TRUE Pro's must be installed. The new board must be shareholders of WMI, so they will have some "meat" in the game.

Think of it as "SWEAT EQUITY" you get in a house if you build it yourself. Now as for Creditors, they tend to become the basic shareholders of a corporation, once it goes insolvent. The current BOD are shareholders of WMI, but they must focus on paying off creditors (Notes, Loans, Bonds) before they can focus on equity. Once creditors are paid off and debts extinguished, then Equity becomes the true owners again. If they are not able to pay off, many corps will move them into ownership position. WMI has the money to pay these guys off and "cram down" their interests and move forward with a POR that gives equity the company. The market will value equity accordingly.

WAMU had a HIGH capital liquidity ratio when they were seized and the Discovery Docs do prove that JPM and FDIC planned this heist. The OTS had a MOU (Memo of Understanding) that was executed with the BOD on Sept 7th for WAMU going forward, most believe the "bank run" that was supposedly was the reason for WAMU seizure was manufactured after WAMU was forced to return over 4 Bil to FHLB Seattle and san Francisco and 3.7 Bil they moved of their own money. The supposed bank run was never a problem for bank that had over 180 Bil in deposits and 307 Bil in Assets.

JPM is rumored to make an estimated 2.4 Bil per month just off the WAMU ASSETS! JPM had a capital liquidity rate of 8.3% and WAMU had one of 7.8% hardly any reason to "seize and sale." Now WAMU had over 21 BIL in CASH in WMBfsb abd 4.4 BIL in WMB (JPM and FDIC took every single dollar) JPM values WAMU assets at 39BIl today, FDIC seized WAMU and gave the banks, atm, money, deposits, real estate assets etc to JPM for 1.888 Bil (year WMI was created). They immediately had to write up "negative goodwill" at 1.9 Bil [unjust enrichment] this never occurs in a bank seizure! In other words, they "GOT THE BANKS FOR FREE!" JPM took a 29 Bil write-down of the WAMU assets, they still hav enot written them back up. This is one of the largest scams in History and will be prosecuted !! US Trustee is the DOJ and McMahon is a bulldog and moved ligthning quick to get the EC in place or we would not be sitting here today! Keep that in mind as you try to convince the board that WMI has no equity value. Don't get me started on the media balckout!

Now as we stand the FDIC is now admitting that the 4.4 Bil belongs to WMI, they [ JPM] admitted it in Oct 2008. We knew THJMW would rule in WMI's favor on the SJ and the EC is now Asking her to do so, so the ruling will establish a precedent for trial and a better negotiating tool for WMI. EC's "Motion to Intervene" is perfect for getting us at the table and important for moving forward..

One More Thing: "There were NO OBJECTIONS!"

How come Rosen and the BOD of WMI did not object? Answer that one and you will have a good understanding of the future of this case. Why would creditors allow the EC a seat? The BOD is playing the game the way we want it, but Weil has a fidiciary duty to the Creditors right now, "who oppose this settlement" but might like the next one. BOD are shareholders, just like US!

GET IT ?????
~Fish~