Mr Cooper Group Inc (COOP)

[WithCatz]

Strike -- to me, there's a subtle difference here - legally -- that may work in our benefit.

There is "POR Confirmation" and there is "Exiting Bankruptcy" -- this combines with a fact (noted by the EC's filing) that the NOLs 'reset' after Jan 2nd to 0/365 (100% as unrestricted) and drifts downwards after that, to 365/365 as 'restricted' -- this is HUGE in how much NOLs one can consume each year-after-year.

So, there is impetus to 'maximize' the usability of the NOLs by Equity (and SNHs if they survive here) -- and of course, an opposite view by the Debtors etc to "waste time" for pressure on 'us' to settle for less than we want to.

This is a very important thing to remember.

So back to the "POR Confirmation vs. "Exiting Bankruptcy" -- a hypothetical settled POR may take a month or so to elicit new votes, etc -- and can be written so that it does not become "final and executed" until January 2nd or something like that.

So 2012 is virtually guaranteed, even if a new "Settlement" POR is 'approved' earlier.

At this "hour" of mediation, there is ZERO benefit (or very little) for us to exit bankruptcy now. We want, (us Equity), to not exit until 2012, but AS SOON AS POSSIBLE afterwards.

...Catz