Mr Cooper Group Inc (COOP)

[Franconeli]

These are some of my favorite quotes from judge yesterday. She was aghast that Rosen had turned against its client. I think she wants to see that work product to know when this happened. IMO, I think we can do away with the belief that the judge is anti-equity.
“I did fully expect that the debtor to produce to the equity committee all of its work product and any document protected by attorney work attorney client privilege because in my view they are your constituents.”
“The Equity Committee is on the same side as the debtor.”
“The Equity Committee is not the adversary.”
“Why should it not be produced to your co-client?”
“Protection from the other side? This is not the other side?!”
“You’re not representing the creditors. You’re representing everybody?!(i.e. Share Holders”)
“How are the shareholder and the creditors on different side from the debtor on that litigation?”
“They’re one of your clients (i.e. shareholders.”)
By the end, the judge was spoon feeding Susman direction for attacking Weil. This is going to be a bumpy ride for Weil, since the judge is obviously pissed to see Weil attacking its own client.