Mr Cooper Group Inc (COOP)

[FORTY-8]

To Catz: Please correct me if I'm wrong, but it would appear that SG (as to common) is in an intractable position. TPS, as well as the hedgefunds holding preferreds (i.e., Blackhorse, et al) are not going to budge in their demand that the absolute priority rule be honored viz-a-viz any moneys paid by the HFs. In this regard, there's really nothing that the HFs can do to appease them, in that their total interest in this BK is no more that of $2B. Therefore, even if Walrath invoked FJR on the totality of their position the net result would still be greatly lacking.

Although it would appear that SG is ramping-up with the intent to extract damning information from the HFs that could be used to attack the 'fair and reasonable' aspect of the GSA, I think it's a stretch (at this time) to conclude that the HFs are in possession of such information.

Bottom-line, it would appear that there's really no solution to common's dilemma without a massive monetary contribution on the part of JMP; one that would result in TPS, and the Blackhorse consortium receiving some substantial percentage of FV.

Does that accurately summarize where we now are?