Mr Cooper Group Inc fka COOP

[WithCatz]

UpandUp -- all of WMB and all of it's subsidiaries were seized by the OTS and the FDIC was named receivership. "Substantially all" (the chunk) was sold by the FDIC to JPMC.

UpandUp- "i guess we will get some chunk back in one form or another."

No.

What didn't get sold, was still seized by the OTS and is in the hands of the FDIC for THEM to sell off, liquidate, etc.

The portions of WMB not sold to JPM do not come back to the estate.

This bankruptcy is about the "holding company" -- eg, everything at the WMI level, only.

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.

...Catz