Friday, October 22, 2010 2:02:13 AM
I spoke with the Wells Fargo trustee and this is how he explained it to me. Approximately $17 of the original $50 value for the H's was the value of the warrants to buy common stock at a future date. Those became worthless in bankruptcy so all the trustee could claim was the $33+ that was the value backed by the junior subordinate bond. They also made a claim for the interest earned but not paid prior to bankruptcy. This $33+ was only going to get paid if all the bonds senior to it were paid in full including interest. Any money left over after the senior bonds were paid would go first to paying off the $33+ and then to pay the interest that would accrue during the bankruptcy. Only after the $33+ and the interest was paid, would money flow to equity. Rosen is saying in this POR that there is enough money to pay all the senior bonds and interest but not enough to pay all the claim for the H's. Since the final amount of the claims is still unknown, he can't give an exact amount but thinks it will be approximately 75% of the claim. This is where we are getting the approximately $25 which is about 75% of $33+. The court hasn't ordered anything. This is just Rosen blowing smoke and trying to panic people. He needs to make it appear there is no money for equity so he is keeping the H's from being paid in full. If more money is found it will go to H's. I am expecting money to eventually flow to equity so I am expecting H's to eventually be paid off at close to $40 which is the $33+ and the 2 years interest.
Recent COOP News
- Mr. Cooper Completes Acquisition of Flagstar’s Mortgage Operations • Business Wire • 11/01/2024 08:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/30/2024 08:27:11 PM
- ZenaTech, Inc. (NASDAQ: ZENA) Software Company Acquisition • InvestorsHub NewsWire • 10/23/2024 12:03:31 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 10/23/2024 11:02:51 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/23/2024 11:00:35 AM
- Mr. Cooper Group Reports Third Quarter 2024 Results • Business Wire • 10/23/2024 11:00:00 AM
- Form SC 13G/A - Statement of Beneficial Ownership by Certain Investors: [Amend] • Edgar (US Regulatory) • 10/18/2024 07:31:24 PM
- Mr. Cooper Group Announces Senior Leadership Updates to Drive Digital-First Strategy and AI-Powered Home Loan Experience • Business Wire • 10/09/2024 01:00:00 PM
- Mr. Cooper Group Inc. to Discuss Third Quarter 2024 Financial Results on October 23, 2024 • Business Wire • 10/08/2024 09:10:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/02/2024 08:04:29 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 10/01/2024 08:32:21 PM
- ZenaTech, Inc. (NASDAQ: ZENA) To Commence Trading Today • InvestorsHub NewsWire • 10/01/2024 11:00:00 AM
- Mr. Cooper Group Inc. to Present at the Barclays Global Financial Services Conference • Business Wire • 09/03/2024 09:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/30/2024 08:17:46 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/01/2024 08:31:53 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/30/2024 08:09:25 PM
- Mr. Cooper Group Inc. Announces Pricing of Offering of $750 Million of Senior Notes • Business Wire • 07/29/2024 08:30:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/29/2024 08:24:31 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 07/26/2024 08:20:36 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/25/2024 11:00:12 AM
- FLAGSTAR BANK, N.A. ANNOUNCES SALE OF ITS MORTGAGE SERVICING BUSINESS • PR Newswire (US) • 07/25/2024 11:00:00 AM
- Mr. Cooper Group Reports Second Quarter 2024 Results and Announces Acquisition of Mortgage Operations From Flagstar • Business Wire • 07/25/2024 11:00:00 AM
- Mr. Cooper Group Inc. to Discuss Second Quarter 2024 Financial Results on July 25, 2024 • Business Wire • 07/11/2024 08:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 08:07:34 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/24/2024 08:36:48 PM
CBD Life Sciences Inc. (CBDL) Launches High-Demand Mushroom Gummy Line for Targeted Wellness Needs, Tapping into a Booming $20 Billion Market • CBDL • Oct 31, 2024 8:00 AM
Nerds On Site Announces Q1 Growth and New Initiatives for the Remainder of 2024 • NOSUF • Oct 31, 2024 7:01 AM
Innovation Beverage Group Receives Largest Shipment of its Top-Selling Bitters to Date in the U.S.-Ready to Meet Growing Demand from Expanding Distribution Network • IBG • Oct 30, 2024 12:22 PM
Element79 Gold Corp to Update Investors on the Emerging Growth Conference on October 31, 2024 • ELMGF • Oct 30, 2024 9:08 AM
CBD Life Sciences Inc. (CBDL) Announces Grand View Research Report Findings on High - Growth CBD Equine Market, Aiming to Drive Unprecedented Shareholder Value • CBDL • Oct 29, 2024 10:19 AM
Integrated Ventures Announces Partnership And Lease Agreement with Driptide Wellness - Leading Health and Wellness Provider. • INTV • Oct 29, 2024 8:45 AM