Mr Cooper Group Inc (COOP)

[ilenes]

Hi all,

An interesting day in court today, somewhat less so for what was said than for how, and why.

The how I can answer, the why is still a mystery, although I have my theories.

OK, so we got confirmation of a deal that is being inked as we speak. ETA to the court is 7 to 10 days, reiterated by several. Some details that are nice to know but not need to know (hedgies funding 100 million so the reorg co can go buy other money making businesses)...for instance; no real details of how, what & when...further complicated by several previous parties to all the discussions standing up and preserving, on the record, their rights to refuse this settlement if they don't like the numbers, since they weren't involved this time...

OK, so how? Well, Rosen was more demonstrative than usual, and much more obtuse...to the point that I was relieved to see and hear I wasn't the only one confused...even JMW admitted to that. Rosen is very obvious in his setting the stage...a whole speech at the beginning about how every class approved the current POR (except Visa), and then a reminder at the end that if we didn't play nice all those classes had already said they'd support that deal. He is stressed and ready to exit this. All these months have gone by and I hadn't seen him walk out of the courtroom...but today I did, and realized that a tall, strapping handsome man that has been in the back of the courtroom for a number of months is his bodyguard. He is ready to get the heck out of Wamu Dodge!!

Why? This is the real mystery...but of course, we can only guess. I believe that Jaime gave the word to do this soon, before any more blood was spilled (of his) or anything was discovered by the EC re IT. For this to be done rather quickly, and several parties not be party to the talks tells me that this was a mandate from someone.

I would expect to see something sooner rather than later on this, and JMW has already stated that she would accommodate a hurried schedule.