Mr Cooper Group Inc fka COOP

[BullNBear52]

But there are also big differences between now and January, when U.S. Bankruptcy Judge Mary Walrath in Delaware rejected an earlier version of the same plan.

While Walrath sent the plan back for modifications, she also approved a deal at the heart of the plan. The "global settlement agreement" that she approved parceled out the company's assets to the major parties to the Chapter 11. In return, those parties threw their support behind the plan.

Her approval, along with various plan changes, leaves shareholders and other opponents with fewer targets to take aim at during hearings that begin Wednesday.

In addition, the potential pot of money for shareholders is shrinking.

Creditors must be paid in full before shareholders, and creditors' claims are accruing interest, reducing the amount left over for shareholders with every delay -- delays that are in part caused by shareholders battling for more money.

"That's the profound irony of it," said Kevin Starke, an analyst at CRT Capital Group, a Stamford, Connecticut-based broker-dealer that focuses on distressed securities. If Washington Mutual "got out sooner there would have been a recovery at the preferred equity level."

http://finance.yahoo.com/news/WaMu-shareholders-clash-again-rb-2167224497.html?x=0&.v=1