Mr Cooper Group Inc fka COOP

[VivaLasVegas]

Article: Is David Trepper's HF trying to K-MART WM shareholders? --- (From the Y Board)

http://www.foxsnews.biz/is-david-teppers...

Looks like this was from 1 July... I did not see it posted anywhere, but I have been on vacation floating around the Atlantic.


"Instead of the $100 million worth of tax breaks that company financial
advisors estimated would be available to the reorganized company, the
post-bankruptcy Washington Mutual could take advantage of nearly $5.5 billion
in tax breaks, shareholder attorneys say.

That's a big difference, and one worth a new objection to confirmation of
Washington Mutual's Chapter 11 plan, shareholders contend.

Washington Mutual, through a spokesman, declined comment Tuesday on the bid
by shareholders to call the attention of the judge to what they say is a defect
that makes the company's Chapter 11 plan unconfirmable.

The plan pays off billions of dollars of debts, with interest, but leaves
nothing for shareholders. Their attorneys say that's improper for a lot of
reasons, including what they claim is an overpayment to noteholders that struck
a deal with the company. in addition to getting paid in full, four hedge funds
will control the post-bankruptcy Washington Mutual, an entity that is supposed
to manage a portfolio of insurance assets.

In the hands of Appaloosa Management, Centerbridge Partners, Owl Creek Asset
Management and Aurelius Capital Management, however, the reorganized Washington
Mutual will have access to the capital and financial expertise to build a book
of business designed to make the most of billions of dollars worth of in tax
writeoffs, shareholders contend.

they seem to want all the assets themselves and leave the shareholders with nothing.

That's what happens in bankruptcy – THE SHAREHOLDERS GET WIPED OUT!!!


Is David Tepper's Hedge fund Appaloosa, trying to K-MART the WAMU shareholders?"