Mr Cooper Group Inc (COOP)

[jackfburns]

This section of that document is remarkable:

6. After the Court approved a plan in Mirant, Willingham was appointed as the equity

committee’s representative on the board of Mirant Corporation Asset Recovery, LLC (MCAR).

For serving on the board, the MCAR pays him:

a. $25,000 per annum;

b. $1,500 a board meeting;

c. $20,000 a month; and

d. Up to one percent of litigation proceeds.

Willingham Deposition, 19:11-21. The MCAR provided between one quarter and one third of

Willingham’s 2008 income. Willingham Deposition, 20:9-15.

Putting one's self on a BOD post-confirmation, with this kind of remuneration, reeks of conflict-of-interest. Gibson over at Y has posted some persuasive arguments regarding this that I suggest everyone read.

I'm not one to jump on bandwagons... and I want to accord MW the benefit of the doubt... but in light of this settlement, the EC's relative lack of transparency, and TPS' arguments, let's just say I'm now highly suspicious of MW and his motives.

Jack