Mr Cooper Group Inc (COOP)

[dix]

Settlement Date has a specific meaning within the BK code and needn't be redefined for each transaction any more than the word "assets" must be redefined.However the specific assets must be delineated.
In this P&A document the date to settle is delineated as 180 days after Bank Closing (rather than a specific date ie. 02/02/09). According to the P&A the Settlement Date may be modified by Receiver alone(after 180 days) or Receiver and Assuming Bank jointly(less than 180 days).Any forged or criminaly contaminated instruments can be returned to the Receiver by the Assuming bank within the Settlement timeframe.

The last POR/DS with the Global Settlement, submitted by WMI/Weil et al., is set to expire on 8/31/10 if it is not accepted by the Court. The last extension of the P&A Settlement Date made by the FDIC in mid June,2010 is also 8/31/10.


While this may ultimately not be reflected in any future resolution of the value inherent in WMI preferred or common stock, the point is that the sale of WAMU to JPM by FDIC has not yet been concluded and the terms of the sale can still be modified.

Whether they will remains to be seen.

Ten


EDIT I was writing this while others posted. Apologies for the redundancy.