Mr Cooper Group Inc fka COOP

[daisyxu]

we are part of history in the making!" - information extracted from "Seizure by OTS and FDIC" section of wikipedia.

http://en.wikipedia.org/wiki/Washington_mutual

"JPMorgan Chase didn't acquire any of Washington Mutual Bank's equity obligations (though JPMorgan Chase planned to issue $8 billion in common stock to recapitalize the bank). As a result of the seizure, WaMu's stockholders were nearly wiped out. Its stock price dropped to $0.16 a share, far from $45 a share in 2007.[26] In their Chapter 11 filing, WaMu listed assets of $33 Billion and Debt of $8 Billion. (ref. Appendix A). The filing also indicates that enough funds are available for distribution to unsecured creditors.

Currently, shareholders are fighting what they consider the illegal seizure of Washington Mutual through such websites as WaMuCoup.com and WaMuEquity.org, claiming that the OTS acted in an arbitrary and capricious manner and seized the bank for political reasons or for the benefit of JPMorgan Chase, which acquired a large network of branches at what they claim to be an unfairly low price. Shareholders claim that as of the date of the takeover, the bank had enough liquidity to meet all its obligations and was in compliance with the business plan negotiated with the OTS 2 weeks earlier[29] and that the holding company's board and management was kept completely in the dark about the government's negotiations with Chase, hampering the bank's ability to sell itself on its own. Chief executive Alan H. Fishman was flying from New York to Seattle on the day the bank was closed, and eventually received a $7.5 million sign-on bonus and cash severance of $11.6 million (which he declined) after being CEO for 17 days.[30] Senator Maria Cantwell has demanded an explanation from the government and threatened to open an investigation[31] and Washington Mutual's former shareholders have threatened a lawsuit demanding compensation for the lost value of their shares.[29]

The seizure of WaMu Bank resulted in the largest bank failure in American financial history, far exceeding the failure of Continental Illinois in 1984.[10][32][33]"