Replies to post #540637 on Mr Cooper Group Inc fka COOP

[sillyinvestor]

It was in the Purchase and Assumption agreement.

https://www.fdic.gov/about/freedom/washington_mutual_p_and_a.pdf

ARTICLE VII

BID; INITIAL PAYMENT

$1,888,000,000.00 for the The Assuming Ban has submitted to the Receiver a positive bid of
Assets purchased and Liabilities Assumed hereunder (the "Bid Amount"). On the Payment Date,
the Assuming Ban wil pay to the Corporation, or the Corporation wil pay to the Assuming
Ban, as the case may be, the Initial Payment, together with interest on such amount (if the
Payment Date is not the day following the day of Ban Closing) from and including the day
following Ban Closing to and including the day preceding the Payment Date at the Settlement
Interest Rate.

The argument was over the interpretation of the word "INITIAL".

Further, there were other receiverships that clearly showed a one percent "bid" were utilized.

The argument was never settled (is it EVER?)...