Mr Cooper Group Inc (COOP)

[ilenes]

If I had to guess the temp in the courtroom right now...I would tell you the only people who still believe there's not enough money for equity at all, right down to the U's level, would be the Debtors/WMI and the lawyers who represent them.

First of all, there are no conclusive valuations that have been given or justified. Secondly, every path to those valuations is blocked with "attorney client privilege and work product". The very thing that Judge Mary will have to allow if anyone is to believe the valuations. By most of their own admissions, not one of the witnesses thus far can justify the numbers.

Fairness and reasonablness is a test of sorts...it comes up with each witness...how can they say with a straight face (without valuations) that any settlement is fair and reasonable.

Then, look at what we learned today:

1) There are close to 19 B in NOLs between all the parts of the company.

2) There is no value placed on the intellectual property.

3) Pension Plan is overfunded at least 39 M, possibly more, but no way to know.

4) The valuation model on the Visa shares is funky.

5) JPM/WMI seems to have in numerous cases, picked off the asset and left the liability to the estate.

6) All of the BOD in the reorg. company are hedge funds with ownership interests.

Ilene