Mr Cooper Group Inc (COOP)

[marayatano]

Unoffical Transcript of 12/8/2012 hearing

(Br): Ah we have a status conference on the agenda today everything else has been handled . Ah I would like to report that ah although Judge Lyons did not send a letter or report to you he Asked me to represent to you that the mediation is on going , that all of the parties are working very hard and they stay you have implemented by way of the order should remain in affect….ah (jmw): for how long (br): well your honor we do have another Omnibus Hearing set for the 22nd which is two weeks for today so it would be are hope to extend that and Judge Lyons Mediation at least through that period of time. As I indicated your honor the parties have been working very, very hard meeting non stop to try and reach an agreement ah and at this point while we cannot say we have an agreement we can say we are still working towards that. With that in place your honor it is are hope that we could reach some sort of agreement that would lead us or allow us to get to a confirmation hearing in the middle of February and an effective date at the end of February and the reason for that your honor obviously as we have talked about many times the ongoing burn rate associated with the chapter 11 cases and the occurrence or accrual of post petition interest and therefore the reduction of returns with respect to some of the lower classes. Your honor if I could ask for a special indulgence which is to try and meet that time frame. Ah what we were looking for is if we are successful in reaching an agreement , and again no promises that we are, but if we are and we are able to file something by this coming Monday , which is a goal of the debtors, to try and have a discloser statement hearing the week of January 9th ……..what that does your honor presumably your honor you have …….19 days ah for the balance of December 11 more in January ,but we would ask therefore to have discloser statement objections ah received by January 4th . It’s a slight shortening your honor of what would be a twen….ah 28 day period. And so if we were to do it on say January 11th and a week before to understand any objections that might be interposed. Again your honor the goal here to move forward obviously it would be a tentative holding date…..and ah if we did not meet our time frame we would come back and ask you for an alternative time period. (JMW): well I can give you a hold date daah.. certainly ummm……………January the 11th you are looking for……..how about 2 o’clock (br): That would be fine your honor…………….with the goal we would have objections before that, so we would be able to put something together and get it to you a clean copy with any charts …ahh by Monday the 9th by 5:00pm so you would have at least two days to consider it. (JMW)……..ahh ok . (Br) That’s so.. (Jmw) But we have no idea when you’ll be filing ah(br): Well you honor it’s like I said we think no later than Monday …aannd if in fact we cannot meet that time frame ahhh we would release the hold date your honor and come back and talk with you, if we could arrange a status conference and let you know where things are………(JMW) Alright that fine. (br) Thank you your honor.

(jmw) You may (?starke) (unintelligible)starke on behalf of Brown Ruddick and the ad hoc TPS consortium I really did come here not intending to say anything just intending to learn umm but I sort of can’t help myself after the request for a hold date. Ah ah um Mr. Rosen talked about all of the parties being involved in a process uhh I don’t know which parties he is referring to litigating… urrr …or litigaaa…in his mind’s eye iterating them down. Ahh I don’t know if his list of parties is ,,is .. is inclusive as our list of parties ,but we will leave that issue aside. Ahhh I have no idea what deal will be in a plan someday perhaps . Ahh I have no idea what our objections will be to that deal I don’t know about today. Ah I presume umm, knowing this case, being in it as long as I have, we will have objections to whatever I don’t know about today. Ummm and so the idea of advance ramming into a status conference , that we should have a discloser statement hearing on advance notice with advance ah .. obligations for people to file discloser statement objections seems a little bit procedurally premature… a hold date is just that a hold date, but I just did not want my failure to arrive and to say something about that the..Can’t come back to haunt me at another hearing. (JMW) ahh yeah I think we have to wait and see what the changes are that ahhh ah…. will be in the black line I guess, but ahh I will reserve everybody’s right..(?B) Thank you your Honor. (JMW) alright. (br): you honor just to pick up one point ah to the debtor and the debtors meeting with the parties as requested by Judge Lyons to the extent that judge Lyons excused certain parties from the mediation that’s nothing we can be involved with your honor, but we are working very hard with all of the parties Judge Lyons is having at the mediation. (JMW) Alright well I… (br): And your Honor I would say uhhh Congratulations cause Judge Lyons has been doing a very nice job and he has been available to al of us a moments notice.l(emphasis) (jmw) Well aaahh I am very happy he is doing it (laughter in court) hopefully it will reee… uh mean that I have less work uh(br) :(in background) We hope so. (Jmw) I will extend the stay on the record until are ah omnibus hearing on the 22nd (br); Thank you very much your honor(JMW) alright thank you will stand adjourned

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