Replies to post #514017 on Mr Cooper Group Inc fka COOP

[jerrylev]

Re: The math is a bit fuzzy here,..75% goes to Prefs until they are paid in full and 25% to Commons until Prefs paid in full, with rest to Commons??? So if Prefs are not made whole, Commons get nothing???


If we follow the absolute priority rule then ONE HUNDRED PERCENT (100%) goes to Preferred until they are paid in full and then commons take the rest until the end.

But we follow 75/25 rule which contradicts with the above.

It can only be one or the other but not both.

For LTI, here this PR said that the escrow CUSIPs are mainly used for distributing disputed shares in the amount of 15M shares. But it is not for distributing the assets owned by the Estate. The Trust must maintain its own record and does not depend on the brokerage house.

https://www.prnewswire.com/news-releases/wmi-liquidating-trust-issues-statement-on-escrow-cusips-300425225.html

[newflow]

YAWN..NO Meat.

[pm1012244448]

What is fuzzy about the Math?

[Donotunderstand]

agree

we are equity

we do not hold a creditor claim of any sort against anyone

such a claim is what a holder of debt or a contractor of services or even possibly an employee shorted on pay holds ---- a claim

yet - that is not a problem

we owned Washington Mutual Holding Company - we are the equity - and we own what is left of Washington Mutual Holding Company after all claims are paid .....

99% or whatever of claims (bond holders) were paid off the top -- then as it got to the small stuff - an LT was created to distribute whatever was left of Washington Mutual Holding Company

WMIH was not that entity - it was the successor company (in essence starting from fresh)

Summary
WaMu emptied to near zero value by creditor claims (all this talk of 100s of Billions is vapor - nonsense - never was that high in NET amount and the bondholders go it all (99% or more)

Some of WaMu - see WMILT site for assets and liabilities and POTENTIAL LIABILITIES - went to LT. LT is to finish dealing with small disputes and small assets here and there or potential assets if litigation was won. (And yes - LT gets anything found owned by WaMu not in the pocket of JPM or others)
WMIH is the successor company