Replies to post #545427 on Mr Cooper Group Inc (COOP)

[Dmdmd2020]

AZCowboy,

IMO...the underwriters have a high and bloated claim against the WMI/debtor.

https://www.sec.gov/Archives/edgar/data/1545078/000119312515114171/d875724d10k.htm

PDF page 97 of 102:

“On March 28, 2013, the Trust entered into a stipulation (the “Underwriter Stipulation”) with certain underwriters (including Morgan Stanley, Credit Suisse, and Goldman Sachs, and collectively referred to herein as the “Underwriters”) who had filed indemnification claims totaling $96.0 million against the Debtors for legal fees and settlement costs incurred in defending securities fraud action claims brought against the Underwriters in connection with their role underwriting various security issuances by the Debtors. During the course of the Debtors’ chapter 11 cases, the Debtors objected to the indemnification claims and the claims were subordinated to Class 18 and Class 19 (as defined in the Plan). Pursuant to the terms of the Underwriter Stipulation, the parties have agreed that (a) the Underwriters’ $24.0 million Class 18 claim will be disallowed in full, and (b) the Underwriters’ $72.0 million Class 19 will be allowed in full. Accordingly, pursuant to the Plan, the Underwriters, as the holders of Allowed Claims in Class 19, received a distribution of 1.4 million shares of common stock of Reorganized WMI from the Disputed Equity Escrow, such amount having been calculated in accordance with the Plan. The Underwriters have also reserved any rights they may have to defend against claims brought against them by the Trust and have released the Trust from any possible affirmative claims.”

______________

Per the settlement of the Class action suit, the total settlement was $209.5 million.

http://securities.stanford.edu/filings-documents/1038/WM_01/2011630_r01t_08CV00387.pdf

The “underwriters” sued WMI for $96 million to compensate for legal fees and settlement costs for the above class action suit.

IMO...the “underwriters” clearly are claiming a bogus and bloated amount.

[AZCowboy]

~ The WMI' Senior Debt (Tranche 4)' Needs To be Completed ~

... It's Just That Simple ... The Bankruptcy Legal Mandate', Rule 510 "Subordination" ...

B. Rosens' 10/16/2018 Court Approved' "Proposed Order", "Special Distribution" ... Gets that WMI Senior Debt Completed, ... and gets this process moving forward' ...

(it is my opinion that if ? ?, the employee claimants were planning on filing an appeal in district, ? ... that discussing any attorney fee recovery' was a premature' waist of everyone's time on 11/01/2018 ... the truth is ?, that appeals' ? are actually quite "legally" expensive)

AZ