Mr Cooper Group Inc fka COOP

[WithCatz]

Gyspsy -- re court today -- there was a pro-se guy wanting to get paid due to him holding equity shares, and a bunch of convoluted "he didn't file in the right court, alphabet soup of WMI vs. WMB, etc,etc" It was bogus, and irrelevant. Dismissed and pretty much was it.

Re the FDIC and the branches, etc still with them. Being run and/or sold off, etc.

Remember, there are stages here of what happened.

1) Seizure by the OTS of WMB and all subsidiaries.

2) Nomination of the FDIC as receiver of all that was seized.

3) Sale of 'some' (largely all) of the assets to JPMorgan

4) Retention of certain assets by the FDIC.


Whatever the FDIC retained, and ultimately sells as 'receiver' goes back into the FDIC's coffers to pay, in sequence:

a) The FDIC's administrative costs for the receivership
b) Any overage goes to pay WMB bondholders - {NOT! WMI noteholders, a difference}
c) Then, and only then, would any extra go to NewCo -- and frankly, you'd never get past (a), much less (b) in this case with what remains at the FDIC.