Mr Cooper Group Inc (COOP)

[fsshon]

Actually William yesterday was good for Equity, because the Examiner did request more time. If the Examiner had not found any improprietaries with the parties, their statements, work-product and documents, then he would not need any addittional time. Because he requested more time, it clearly shows that he has uncovered some interesting tidbits of pertinent info and must pursue those avenues, until he arrives at the answer he believes lies behind "dooor #1." Hochberg's reputation as an examiner who gets to the bottom of the iisue, is known and his prior work at DOJ makes one believe McMahon called him in as a "personal favor!"

Actually I wouldn't be the least bit surprised if we see Joe McMahon's name on the door at MLA someday soon. Something doesn't pass the smell test and that is the redaction subject. Why does everyone need redaction if there is nothing to hide? I believe Rosen, WGM, A&M, JPM, FDIC and certain 3rd parties are cooperating with the examiner, because of the criminal implications a federal judge can order if they are even found to be in one violation of the BK code/law.

WGM and A&M are considered to have arrived after the crime. JPM/FDIC and the other "certain" 3rd parties are considered to have been the masterminds of the crime. Hochberg, Susman Godfrey and the UST are the detectives and as you said "something does not pass the smell test!" Susman Godfrey would have not taken this case, if they felt they could not win it (or at least get something for equity classes). This case is a reputation builder (Enron for Weil) and Steve Susman will be propelled to the top if he inks out a deal to save an equity class that was tentatively wiped out by the restructuring firm. Along with the reputation comes the accolades and new business that will push SG to the top 10 law firms in the country. They will be the receiver of the some of the brightest and smartest minds in the legal industry, good lawyers/patners will leave their firms to help continue to build SG into one of the most powerful law firms in the country. Susman has a lot to lose here, if he loses this case, so he would have never taken on this "chess match" if he was not up to the task.

It's JPM/FDIC and certain 3rd parties that need to watch what comes out of their employees mouths during the examiner interviews. It is these firms and that Fed Agency who have the most to lose. They could be devestated by a report that puts JPM into the same "modus operandi" as they have previously demonstrated in the Lehman and Italy cases. JPM is walking a very fine line, they are working to rebuild their reputation, but one report from a BK examiner will just compound the damage they have been sustaining since it was revealed their tactics in Lehman may have contributed to the loss of the economy, TARP and subsequently WAMU. Not to mention give the debtors every bit of evidence they need to withdraw the GSA and move into Litigation strategy for 2011. (This is what I want) However, once the writing is on the wall on Oct 25th, when the Examiner reveals to the S&C lawyers his findings, if JPM is implicated and it could be financially and reputation deadly, they will settle and one of the requirements will be to SEAL the report.

FDIC is not in good shoes as of now, they may have jumped the gun with WAMU. If the Examiner shows Bair panicked and pulled the trigger too soon or actually did consult with JPM as early as Sept 4th, then that would be enough to sue them in DC and ask the Judge for the SJ deposits.

Now the "Wall Street" 3rd Parties have much to worry about, if they are implicated in helping JPM to bring WAMU down and lock WMI into a capital raising freeze with the TPG deal, then WGM has to move forward with suits against them on behalf of the estate.

I do not believe an Examiner will not find anything wrong or criminal took place, there is plenty out there. His report will decide whether we (Equity) live or die. We are gambling on a favorable outcome, that will kill the current DS/POR and put us back in the drivers seat in this BK. UST/EC pushed hard for an Examination, they never would have asked to expend estate money, if they did not have some evidence. The sealed doc that pushed THJMW to finally appoint an examiner was detrimental to JPM (they were as quiet as as little field mice) in THJMW's courtroom. Gone is the arrogance and telling the Judge what she must and must not do. How she should and should not rule..Susman quieted them down one morning when he approached Rosen and asked him something twice, both times the answer was No and he proceeded down the hall to THJMW chambers, ever changing the case into Equities favor.

~Fish~