Replies to post #517292 on Mr Cooper Group Inc (COOP)

[Donotunderstand]

interesting
very interesting

and why lawyers have work and get paid

the WMILT is the successor in interest only for the value of those assets recognized as part of the bankruptcy of WMI. The value of the trusts and the income stream from those trusts have never been part of the bankruptcy and their value will never pass through the WMILT.

interesting

I do find that hard to believe as that is like saying a will only covers known assets

My sense of how these things work is that the Trust got identified assets as recognized to be part of the bankruptcy and anything found thereafter for X years. It would make NO sense to give known stuff to the LT and so called unknown stuff to some other party. Again - IMO - the standard simple language would have the LT getting all known and found (to be known) stuff -- as that is the purpose of the LT and the simplest cleanest logic

but - you may be right

[clawmann]

David, I have to disagree. There has been a general assumption that the safe harbor completely excludes the concerned assets from being affected by the bankruptcy proceeding, including the POR. I believe that's nonsense. The safe harbor protects safe harbored transactions from the bankruptcy court's avoidance and stay powers. Once any assets placed in trust as part of a safe harbored transaction return to the debtor, or - in our case - the debtor's estate, those assets will be treated like any other assets of the debtor and subject to disposition in accordance with the POR. So they would go to the WMILT.

If there were a significant amount of such assets, and they were destined to return to WMIH, the pps would be much much higher.

[hotmeat]

WMIH has ZERO claim on any assets, Safe Harbor or otherwise that ever belonged to WMI/WMIIC.

Essentially what you're saying is that WMIH will very soon gift any assets WMI OWNED to NSM shareholders once the merger is completed.

If POR 6 was passed, what you're proposing would have occurred but fortunately for us it didn't.

As stated in the POR, "LT assets are ALL assets owned by WMI and WMIIC (jointly "the Debtors) as of the ED.

It is noted that only CERTAIN assets were transferred to the LT as of the ED.

The same applied to WMMRC where WMIH only received it's equity interests as with WMIIC, not WMRRC's assets.

The assets of WMMRC, the runoff portfolio, ($130M) of which the vast majority belonged to the LT as stated in the POR, NOT WMIH.

IMO, the Inter-company claims between WMI and WMIIC that were transferred to the LT is where a lot of value lies.

[hotmeat]

re your last post. What an ""intelligent"" response, a true sense of your level of ""intellect"".

[BBANBOB]

""""The value of the trusts and the income stream from those trusts have never been part of the bankruptcy and their value will never pass through the WMILT.""""


I agree they have never been a PART of the BK itself, but do you then ALSO BELIEVE that the BK Judge has absolutely no say over what happens with them>>>>>>>>>>>>>>>>>>>>> Or how they are handled >>>>>>> And what was it also STATED the those assets will be there later for the LT to pursue them?

My wag is the the BK JUDGE can allow or even ORDER how those assets will or could be handled IN THE BEST INTERESTS OF SHAREHOLDERS of the reorged Co

[Large Green]

David, greetings and thank you for your input. Here is how I see this.

Safe Harbor assets are ONLY protected from Creditors but NOT totally absolved from the ongoing bankruptcy case in of itself. The Powers of the Bankruptcy court still control even though some assets are protected via Safe Harbor.

I believe the forgoing is a huge mistake for many here thinking the powers of the bankruptcy court do NOT control - they most certainly do control everything.

Think of it this way - how would anybody know who the true owners are IF what people think are true such as bankruptcy court powers do not control Safe Harbor assets and what is considered protected from bankruptcy case.

Either the court controls or it does not. However, one cannot pick and choose what they want to apply. If the court does not control assets protected via Safe Harbor, there would be no way to know who owns them as investors signed releases and were issued markers to show their individual ownership. This showing how much of the particular security-preferred and/or common shares of old WaMu in the bankruptcy controlled case one owned. All previous prospectuses for both types of preferred and common shares were cancelled by the court.

All investors who signed timely releases by 3/2012 are controlled by the powers of the bankruptcy court just as assets in this bankruptcy case protected via Safe Harbor are.

So, to this point read the following court transcript and understand the powers of the bankruptcy court absolutely controls ALL that was involved with the WaMu case whether protected by Safe Harbor or not.
_____________________________________

*The Holy Grail*RETAINED ASSETS*YOUR HONOR*They Will Still Be There*


The legal group Akin and Gump are discussing the scope of what the Examiner can examine and what he cannot examine. We also have in there the part (b) of what is to be retained, and that is because in negotiations that we had with all of the settling parties, with the equity committee last week, with the FDIC, we did talk a great deal about the concept of the retained assets.

Now, it's my position, Your Honor, that the examiner doesn't need to know much with the retained assets other than say the assets are retained and therefore the liquidating trust can go ahead and pursue them. They will still be there; they can be carried through. But I understand that the equity committee is very interested in having a neutral third party do an investigation of those retained assets.