Replies to post #401179 on Mr Cooper Group Inc (COOP)

[Zalviny]

ahhh I held P and K

[Boris the Spider]

Greenie....yes escrows will get paid. I expect something to be announced in Sept. Will we get $1000 per P as bop/csny/whoeversheis says? Would be nice but is doubtful in this corrupt kingdom we now live in. I can however see at least $100 per P and maybe as much as $300-500 based on my models. I have huge escrow holdings and will donate ALL over $100 P to the wounded warriors fund. I am holding since pre-BK and will continue to hold tight. It's been grueling for us all but I think something will break very soon. Those grants to the BOD didn't happen early for nuthin'. They knew something...sit back and relax and let KKR and Blackstone carry the ball to the goal line...and beyond.

[bkshadow]

LG, the P&AA doesn't involve WMI

Your attachment of the P&AA to WMI as the debtor and the end of bankruptcy transition to the WMILT (and somehow to those with current LTI's and especially those with escrow placeholders in case they become LTI's) is FLAWED at its core and entirely way off base. It is quite simple, the P&AA is between the FDIC and JPMC.

I believe this is one of the most single important posts that can be made since most of us do not know for sure how this ends until we connect the final dots along with the official P&A closure by the FDIC. I would say this is close and MAY match what is under court seal with the only difference being the VERY LARGE NUMBERS are under the court seal showing how they divided the assets which IMHO will flow to the escrow share account owners at some point.

That is a non sequitur. Period.

PS. What I forgot to mention was these assets were supposed to go to the SNH's in POR 6 (and POR 5 maybe?). Which was probably in a term sheet between JPM/DFIC and SNH's that was also under seal. But since our collective memory sometimes gets a bit foggy, happy to help refresh it. You are all welcome!

Again, considering you admit memory issues, you should reset to a basic understanding of the documents in the case. You see, Washington Mutual Bank was closed by the Office of Thrift Supervision and the FDIC named receiver. And, JPMorgan Chase acquired the banking operations of Washington Mutual Bank in a transaction facilitated by the Federal Deposit Insurance Corporation. Further, JPMorgan Chase acquired the assets, assumed the qualified financial contracts and made a payment of $1.9 billion. Claims by equity, subordinated and senior debt holders were not acquired.

Soooooo, the P&AA that you are craving for a closing in September 2014 (and there are issues with that as JPM has 35 active claims, including but not limited to $1B in state tax claims, B's more in MBS WMB allocated settlements, etc.) is, get this - -

BETWEEN THE FDIC AND JPMC.

It has NOTHING to do with WMI, the former debtor, the successor WMILT or the reorganized debtor WMIH.

http://www.fdic.gov/bank/individual/failed/wamu_settlement.html

On February 24, 2012, the Bankruptcy Court entered an order confirming the seventh amended plan proposed by WMI and its co-debtor WMI Investment Corp (the "Plan"). The Settlement, as amended from time to time, remains integral to and incorporated in the Plan. The Plan and Settlement became effective on March 19, 2012. The Receiver received $843.9 million pursuant to the terms of the Settlement. When added to the approximately $1.87 billion currently held by the Receiver (WAMU Quarterly Receivership Balance Sheet Summary ) , the Receiver will have a total of approximately $2.71 billion to distribute to holders of claims allowed by the receivership, according to the priority established in 12 U.S.C. § 1821(d)(11)(A). Before the Receiver can distribute these funds, however, it must pay administrative expenses and resolve a number of lawsuits that have been filed against it, the largest of which was filed by Deutsche Bank National Trust Co. claiming $6 to $10 billion in damages arising out of WAMU's alleged breach of representations and warranties made in connection with mortgages sold to securitized trusts. (Amended Complaint)

Also, the Receiver must resolve a number of indemnity claims made by JPMC. JPMC has submitted over 35 notices of potential indemnity claims. (Notices can be found at JPMorgan Chase Notices relating to Washington Mutual Whole Bank P&A in the Freedom of Information Act (FOIA) Service Center Reading Room). Some of these claims for indemnification will be resolved through the implementation of the settlement, but many will not. In addition, JPMC has until September 2014 to provide the Receiver with notice of additional potential indemnity claims. Should the Receiver be found liable on any of JPMC's indemnity claims, under the P&A, those claims will be satisfied as administrative expenses and thus before the claims of general unsecured creditors. Current information indicates that the Receiver is unlikely to have sufficient funds to distribute to holders of receivership certificates issued to junior note holders or equity holders of WAMU.

I believe this is one of the most single important posts that can be made since most of us do not know for sure how this ends until we connect the final dots along with the official P&A closure by the FDIC.

Purely fictional and totally unsupported by any document as the P&AA was between the FDIC (appointed receiver by the OTS after seizure) and JPMC. Period.

[tanjazielman]

Thanks for the credit LG. You're doing a great job with all the "contrarian" DD.

I say: Keep the good stuff flowing!

Another interesting tidbit:

If you go to the Susman & Godfrey website, and look up both past cases and wins, you will not see ANY mention of the WaMu case. For instance Lehman (which wasn't a big win) is mentioned.

Not Wamu.

Why is this?

IMO SG consider WaMu as a big case, and made a big win. But the win is not finalized YET.

Why would SG not make a mention of WaMu? It was their biggest case!

Equity survived, more than 7 billion is already distributed. We got 95% of WMIH. That would be a big win right?
Are they ashamed of this accomplishment?

H*ll no! Susman gets their glory after our escrows are paid, and they have a credible reason to consider this case a REAL WIN!! Just as their intention was when they took on this case in the first place.

We're dealing with real players here. Players to win.

No way they would let the hedgies go away with murder, armed robbery and racketeering; so to speak, without a PROPER COMPENSATION.