Mr Cooper Group Inc (COOP)

[trailblazin]

Bopfan just now:

I agree with everything you said. However, I think Susman and the EC have planned for the absolute worst. Well, they got it. The shakiest parts appear to be solvency ("In sum, all of the foregoing factors suggest WMI was solvent up to the date of the bank's closure") and analysis of the retained tax benefits (pp. 148 - 151).

Notwithstanding, I feel the confirmation hearings will go about as smoothly as everything else in this business for Rosen & Co., that is to say, not smoothly at all. I don't know what Susman has planned, but, as I said, I doubt he was blindsided by this. My expectation is that he and the EC's financial and other experts will refute the Examiner's factual findings as speculative in key areas (i.e., JPM's lack of bad faith, the value of the seized assets). It is important that he do this as it is far easier to get legal conclusions questions than factual ones. I further expect that he will compare Hochberg's mandate (i.e., scope of work) with what he contends should have been done, certainly questioning whether Hochberg had sufficient time to do his work.

The Susman people are very busy right now and it's best that we don't distract them with calls, emails, etc.

I know this is a hard time for common shareholders (I hold a lot of common, too) and preferreds who bought in late. The next few days are going to be VERY rough but I have a feeling that all the surprises won't be at equity's expense. I happen to know of one that is coming shortly, and it certainly isn't.