Replies to post #466103 on Mr Cooper Group Inc (COOP)

[rockie101]

We will see dirty face value....which means NO MONEY....NO NOTHING.

[etzetrade]

If MY51 is right, preferreds would get interests.

[jhdf51]

Ill take face $1000 per...

JHD

[boarddork]

Think about it this way: There are 2 separate bankruptcies still, jointly administered for 'efficiency'. FACT

1) BK filed in Delaware first. #1. WMI INVESTMENT (WMIIC)

2) BK filed in Delaware second. #2. WMI Washington Mutual Inc. (now WMIH) The 'public face' of WaMu.


What if 75/25, and the historical removal of APR to include equity, really is just results of POR7 for debtor WMI in BK#2.

As a separate debtor in BK#1, what if WMI Investment's (WMIIC) POR followed traditional APR. And as BK#1 for WMIIC listed no debts or creditors, the only one to collect the spoils would be commons.


Think about this. Remember the MB push to switch your investment to H's (piers). Then last minute, the MB push was to switch to Preferreds, and sell your Commons - which some did in the last seconds before the re-org.......but what you saw was millions of Commons being bought, antithetically to the MB piper's push to do the opposite. WHY? because the dirty inside trading secret at the time, might've been due to WMIIC having its own POR in BK#1, than WMI did in BK#2 which was pushed and pumped as the public face for trading.

Further, why would MW who only held commons, shaft his own investment with 75/25 throughout, if he had any inkling something was coming back, versus nothing. He had the AAOC over the barrel on inside trading back then - and I never took MW, to be a noodle. Preet Bharra was on a rampage during this time, and probably would've loved some higher profile scalps.

Ultimate bait-n-switch....again.

Thanks to Tanj and Mattchew for rooting this out. Brilliant.

[muyuan51]

First, I beg to differ.

A. As I remember AZCowboy (BIG kudos to you, AZ, for everything you do for the board !)was the first one to draw our attention to the fact that there were 2 bankruptcies in the very beginning:

#1) 2008 Sept.26, PM 10:15
http://www.kccllc.net/wamu/document/0812228080926000000000001

#2) 2008, Sept.26, PM 10:16
http://www.kccllc.net/wamu/document/0812229080926000000000001

B. Yesterday, mattchew (Thanks for your "reactivation" !!) was bringing the Post## 466034, 466036, 466037 about "Substantive Consolidation" !

C. tanjazielman (a perfect example for investigative journalism, btw did you contact Greg Palast ?) was answering, reacting with Post## 466040, 466041 !

D. boarddork (always active and inquisitive !) wrote Post# 466058 in answering Post# 466041 !

E. muyuan51 answered with Post# 466102 to Post# 466058 !

I'd suggest everybody who is interested to read the mentioned Post## !!

To sum it up:
1st BK - WMI Investment Corp.(almost below the
radar of almost EVERYBODY), NO Creditors,
NO assets, NO liabilities
2nd BK - Washington Mutual, Inc. => WMILT after BK
bypassing APR UNCAPPED 75% Cl.19/22.5% or
24.375% Cl.22/2.5% or 0.625% WMIH.

So, as I get it from the above cited Post##, in BK#2 => Preferreds Cl.19 will get UNCAPPED 75 %, Commons Cl.22 will get 22.5 % or 24.375 % and WMIH will get 2.5 % or 0.625 % of every distribution coming via WMILT !!

In BK#1 the language is a little different for Preferreds (remember:"The assets and liabilities of formally distinct entities are kept separate"), referring to former economic priority (means face value for Preferreds and remainder to Commons, without APR, without 75/25) ! Cash coming through dissolvement/dissolution of WMIIC !

Or, in other words, Preferreds Cl.19 will get 75 % UNCAPPED from every WMILT distribution and will get Face Value from distributions coming from WMIIC !

But, once more, my dear Co - posters: READ, READ, READ and try to educate yourself on this MB !! There are so many hidden gems to find !!

BTW in order to keep it easy, I didn't mention interests/dividends !