Replies to post #490850 on Mr Cooper Group Inc (COOP)

[footballref-8541]

Az, If they sell WMMRC and that goes to escrows. What benefit except the 2.5% coming back to wmih would the new company have?

[bkshadow]

The PLAN to "SELL" WMMRC POR 6, wrong...

...assertion (theory) is totally wrong.

...the PLAN was to leave WMMRC in the reorganized debtor.

...with certain creditors, primarily the PIER with $2,000,000 in holdings, making an election to take WMMRC (as valued by the debtors from Blackstone) instead of cash.

...WHY?

...certainly not, and never mentioned by any party in interest or any of the $1B of professionals, including EQUITY (the wizard of Attorney Suman and the forensic BK expert EC Chair Willingham (after 'routing Joyce and prior EC experienced bankruptcy counsel)) was any mention of any value of WMMRC based on HIDDEN, SECRET ASSETS.

AZCowboy Friday, 10/06/17 01:40:30 PM
Re: None
Post #
490850
of 490964 Go
~ The Plan To Sell WMMRC, ~

Was part of the original Plan 6’ submission ... I don’t think that future consideration changed with the transition from the failed Plan 6, ... to the approved Plan 7’

AZ

...so that is totally NOT TRUE.

...from various transcripts (available publicly).

...HINT: It was to take advantage of the NOLs; if LIQUIDATED there would be NO REORGANIZED DEBTOR "AT ALL."

...various transcript excerpts.

20 DIRECT EXAMINATION
21 BY MR. MASTANDO:
22 Q. Good morning, Mr. Kosturos.
23 A. Good morning.

The most important thing about this transaction is if we were
11 to sell it today, we will sell it for a discount. If we are
12 able to spin it out into WMI reorg and be able to use the NOLs
13 it will create more value. And Mr. Zelin, who will be
14 testifying later, I'm sure, can walk you through the
15 differences of what we would receive if we sold immediately
16 versus if we held it.


18 A. In a value of creation, again by the debtor, one has to
19 look at two different distinct opportunities as it relates to
20 an existing asset. We could, as WMMRC, look to sell it
21 immediately and what we would do there is get a discounted cash
22 value or market value for that or we could turn around and
23 create possibly more value by effectively spinning it off in a
24 new reorg plan. And to the extent that we could use existing
25 NOLs would only create more value.

Q. And the top of the term sheet states that it's the
8 Centerbridge, Appaloosa, Owl Creek and Aurelius, correct?
9 A. Yes. I see where you're pointing to.
10 Q. Their proposal, now turning to the page ending in 405, and
11 their plan is to capitalize WMMRC and expand its business,
12 correct?

The disclosure statement is also defective in that it
6 fails to disclose the basis for the fifty million dollar fire
7 sale valuation of WMMRC in the liquidation analysis.

A. We looked at a variety of pieces of information to
22 determine an estimate for what would happen in a fire sale.
23 But as an initial matter, the sale of WMMRC rather than a
24 reorganization of the debtors, will result in the loss of the
25 tax attributes for the NOL carry-forward, and that has value

Q. And directing you to the second bullet, "Indicative Bid",
4 what were the amounts of the bids for WMMRC?
5 A. There were two. The first was -- well, one of them was
6 for a hundred million plus or minus fifteen percent. And the
7 other one was for approximately forty-one million.

Q. Thank you. WMMRC, why, exactly, was WMMRC chosen to be
11 the company around which restructure? There are a number of
12 companies here, some of them small, some of them appear fairly
13 large. Why WMMRC?
14 A. There's actually not any one that's larger than WMMRC that
15 remains. From a pure asset standpoint, I suppose WMI
16 Investment Corp. would be, but that's really just cash. So
17 WMMRC is the only one that has what you could consider ongoing
18 operations on a go-forward basis. The rest of the subsidiaries
19 are all cash that's left there; there's not really any
20 operations.

...again, TOTALLY WRONG to state the POR 6 (and prior PLANS) were to sell WMMRC.

...joins the list of $8.7 Capital Loss that must be used by March 2017 when the gain from JPM's final book value payment would be paid.

...along with the "stock for value" exchange.

...along with the "WMIIC" (location unknown, in WMIH, has nothing but will reveal hundreds of billions when dissolved or sold even though AUDITED 20012, 2013, 2014, 2015, 2016), or in the WMILT (off books, safe harbor, underneath the rainbow, @ A&M, at JPM, at the FDIC, at Deutsche Bank - - - take a pick, any pick) theory.

...and the DOOZY, the $6b in NOLs is GONE.

...no 8K for that, but we got one for $18M?

...yah, right.

...oh well, when the receivership closes and the WMI Liquidating Trust closes (i.e., dries up), these failed fantasy and confabulations based on scotomisation and confirmation bias (will not end) but can finally concluded as 5-8 years of theor's failure.