Replies to post #466113 on Mr Cooper Group Inc fka COOP

[boarddork]

Will we see WMI INVESTMENT (now WMIIC) in BK#1, file a 'post to close' any day now in Walrath's court, now that we know it is being 'dissolved', and its court approved APR followed.

That's what we need to watch for, IMHO, a post to close for debtor WMIIC, who filed first, before its parent WMI (WMIH) who filed 2nd.

[sometimes_right]

How much $$$-equivalent is "stashed-in" BK-#1 versus BK-#2 to potentially be distributed amongst preferred and common escrow shareholders?

[ReikoBlack]

Fabulous information. This brilliant post should be shared with the people of Boardpost. LOL!

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.