Mr Cooper Group Inc (COOP)

[Yanik]

Great post from Rovermand on Y board

At this time WMI wants the claims of the WMB bondholders to be placed lower than the unsecured creditors of WMI and conveniently higher than equity. I presume for the purpose of pretending there is no money in the Estate for equity if WMB bondholder were to be paid out ahead of equity.

However, WMI wants to reserve the right to later reject the WMB bondholders completely.

I'd call that a convenient effort to displace the valid rights of equity (WMI shareholders) through pretense. WMI will utilize the WMB bondholders long enough to either fool equity holders into selling through a distortion of the waterfall of Estate assets or to use them as leverage against EC in discussions. The WMB bondholder charade will have to be addressed vigorously including pinning WMI into a rejection the WMB bondholders completely (as they ultimately plan).