Replies to post #413903 on Mr Cooper Group Inc fka COOP

[Royal Dude]

Thanks Large Green. Most important part. Washington Mutual Bank was taken over Sept. 25 by U.S. government
regulators. The next day, WaMu and its debtor-affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively). Wamu owns
100% of the equity in WMI Investment. Weil Gotshal & Manges
represents the Debtors as counsel. When WaMu filed for protection
from its creditors, it listed assets of $32,896,605,516 and debts
of $8,167,022,695. WMI Investment listed assets of $500,000,000
to $1,000,000,000 with zero debts.
(Washington Mutual Inc. Bankruptcy News; Bankruptcy Creditors'
Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000)

Bankrupt.com -- Page Not Found
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BANKRUPT.COM

[investorhub123]

and by 10/31/2011 as listed in POR 7

Investment in Subsidiaries – 9/26/2008
$ 1,895,218,467
Notes


Income / (Loss) from Subsidiaries
(205,040,767 ) (1)
Cash Distributed to WMI
(386,865,257 ) (2
Paid Notes and Tax Payables to WMI
72,236,573 (2)
Distribution of Remaining Marion Business to WMI
(16,443,787 )
Reported in Dec 2009 MOR40

Change in Other Comprehensive Income (“OCI”)
64,183,030 (3)
Other Miscellaneous Changes
17,278,143

Cumulative Change from Petition Date
(454,652,065 )

Investment in Subsidiaries – 10/31/2011
$ 1,444,609,697

[WithCatz]

LG - well, how about being current. Not 11/2008.

Maybe this explains it. And all those MORs we used to read, had the sale of those investments ..

https://www.kccllc.net/wamu/document/0812229111212000000000005

PDF Page 72 - "After the Petition Date, the Debtors were required to liquidate the $266 million of investments held by WMI Investment to comply with section 345(b) of the Bankruptcy Code, which governs investment requirements for bankrupt companies. The conversion of these assets to cash was disclosed in the Schedule of Cash Receipts and Disbursements included as part of the MORs filed with the Bankruptcy Court and the SEC with respect to November 2008 through December 2008, as “Cash Receipts” from the “Sale of Assets/Securities.”"

Those WMI Investments assets were sold ~early~ in the bankruptcy, cash into the coffers of the Estate --[color=red] documented in the subsequent MOR filings[/color] -- and disbursed as part of the POR/DS settlement.

...Catz

[BBANBOB]

Guess that's why BANKS are HELD BY HOLDCO's ;)