Mr Cooper Group Inc (COOP)

[DPincus]

As an "old timer", I've chosen to stay in the background to lurk, and only occasionally respond or contribute if I have something to say that is of value to the board, or if I feel something or someone is maligned for purposes other than the greater good or with intent to mislead. There has been, of late, too much of that going on; and as I really can't stand the backbiting, or the fantastical theories that abound, I'd rather say little or nothing than chirp all day about the same set of unlikelihoods or string out an endless litany of bitter complaints about how badly I've been wronged.

Did this play out as I'd hoped it would have, 2-3 years ago? No. But one chapter has closed -- the settlement -- and another set of chapters remain open -- the Escrow placeholders, and the eventual valuation of WMIH pps when the first acquisition takes place.

Not merger; not buy-out -- but acquisition. Which is the direction the BOD laid out. There will be value, IMO -- but I do not believe that it will be of the nature or scope upon which many are conjecturing.

I positioned myself as best I could when the writing was on the wall, exchanging all I had for P preferred shares, in the hope of maximizing the number of shares I'd receive per the terms of the settlement. I got myself down to where 1.50 pps breaks me even with what I started with pre-settlement, and so I feel pretty calm about surpassing that pps with the first acquisition.

I am happy to let the course of events follow that pattern - small acquisitions, building up a larger WMIH value, until either time, or value, allows for the use of the NOLS. And if 3rd parts suits should bring money into Escrow, so much the better - as my P preferred base puts me in the best position to maximize upon Escrow earnings, should that come to pass.

I have no overreaching fantasy about big deals or 3rd party nervous breakdown in litigious lawsuits files against them. The future, IMO, lies in slow and steady growth; and if one has the patience to see this as a longitudinal investment -- or even a series of consistent 5-10 cent flips -- there is money to be made.

Dion