Mr Cooper Group Inc fka COOP

[XOM]

michael: BSC fell to $2 upon announcement that JPMC would buy out the company at that price. Apparently a class-action lawsuit by shareholders against the merger, in addition to anger by former BSC employees who were vested in the company and now worked for JPMC, forced Jamie Dimon to quintuple the offer very quickly. BSC market PPS then rose above $10 on speculation that another, higher offer would be revealed.

IMO JPMC and the FDIC should aware of potential civil action bonanza WAMUQ may bring against them, especially when former WaMu employees join in.

GLTA


Article:
"Seeking Fast Deal, JPMorgan Quintuples Bear Stearns Bid"
http://blog.stocktickr.com/2008/03/17/bear-stearns-sold-for-2share-shocking-interview-with-ceo-last-week/

JPM PPS Reaction:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=46586253

Lawsuit:
http://docs.google.com/viewer?a=v&q=cache:dGYmJ59Lr6oJ:lawprofessors.typepad.com/mergers/files/memorandum_opinion1.pdf+bear+stearns+shareholders+class+action&hl=en&gl=us&pid=bl&srcid=ADGEEShStL2_LVeOzN-W9DTtv0leK-bHRieQfoZj2zxV25pcFXyS997QWl-Mf9A29LparrrYE_ILEJmTJ56X3GyY2U-_2cJuSWfaC_5zS80__b_xtBYIR0D0hRbpdmp4wX7m8MupHijk&sig=AHIEtbRAp3qS2f66nTyrE-5ZlmJLda7Wvg