Replies to post #411155 on Mr Cooper Group Inc (COOP)

[bkshadow]

Justice, thanks...let's take look.

And thanks again.

Footnote 2

2 In its capacity as a creditor, WM! claimed, among other things, that (i) the FDIC dissipated WMB's assets by selling substantially all the assets ofWMB to JPMC rather than liquidating WMB's assets, and thus the FDIC breached its statutory duty to maximize the net present value return of such assets, and therefore owes damages to WM!; (ii) the FDIC's wasting of WMB's assets constitutes a taking of property without just compensation in violation of the Fifth Amendment to the United States Constitution; (iii) the FDIC's refusal to compensate WM! for property taken in the receivership constitutes a conversion ofWMl's property, actionable under federal law; and (iv) the FDIC's refusal to compensate WM! for property taken in the Receivership constitutes a conversion of WMI's property.

The quote from that footnote 2 is sourced at what?

7. On March 20, 2009, as set forth in the Debtors' complaint (the "Complaint") filed in the United States District Court for the District of Delaware (the "D.C. Court"), the Debtors asserted numerous liquidated and unliquidated claims against the FDIC, in its capacity as receiver for WMB and in its corporate capacity, on account of WMI's status as a creditor.2 These claims totaled in excess of $6.8 billion, and together with claims by other parties against the FDIC, far exceeded the assets of the WMB receivership. In the Complaint, the Debtors also asserted certain claims on account of WMI's status as the holder of the WMB Stock (the "WMB Stock Claims").

The D.C. Court Action.

So, what happened in the D.C. Court?

Let's leave that for hotmeat to follow up.

In the meantime, what did the Abandonment Motion further state about the D.C. Court Action?

8. Most recently, on October 6, 2010, the Debtors filed their Sixth Amended Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the United States Bankruptcy Code (as it has been and may be amended, the "Plan"), and a related disclosure statement (the "Disclosure Statement"). Embodied in the Plan is a proposed Amended and Restated Settlement Agreement, dated October 6, 2010 (the "Global Settlement Agreement") that resolves certain disputes among the Debtors, JPMC, the FDIC Receiver, the FDIC in its corporate capacity, and certain other parties in interest. Pursuant to the Global Settlement Agreement, on the effective date thereof (which will also be the effective date of the Plan), the Debtors will be barred from pursuing the litigation pending in the D. C. Court, as part of the general release of the Debtors' claims against the FDIC. See Global Settlement Agreement,§ 5.3(c).

[PickStocks]

It states in short, FDIC-R does not feel they did anything wrong in gifting JPM the assets of WMB although it is worth 3 times the value.......which would have have allow all of equity to get money........2.9 billion will suffice if we can get it back.