Replies to post #536248 on Mr Cooper Group Inc (COOP)

[Civil War General]

WMB,FSB Nevada was a Subsidiary of WMB, with $30 Billion in CASH in the bank at the time of seizure.
The Fishman letter discussed moving the cash to WMB to bring their Tier 1 status to the level of the most solvent bank in the USA, at the time when Bush’s Secretary of the Treasury Hank Paulson, has issued a DO NOT SHORT list that specifically excluded WMB, even after they asked.
They were in the process of moving this cash when the FDIC seized them.

JPMC immediately renamed this Henderson, Nevada Bank and moved the cash, a year or so later disclosing a $30 Billion windfall after first posting a $30 Billion “negative goodwill” write down.

They knew about the cash and they were scared that the cash transfer would actually be completed, so they seized the bank while Fishman was on the plane back to Seattle.
Now you know.

[hotmeat]

Was thinking the same thing but I could see how WMI would have specific rights with regard to the cash generated from those Certs. How that is adjudicated by the FDIC will be interesting.