Replies to post #549665 on Mr Cooper Group Inc fka COOP

[boarddork]

A thousand thanks! Great breakdown.

[sillyinvestor]

"Sixth', ... as the single shareholder for the Trusts common share' (singular) Washington Mutual Inc., maintains ownership of 3% of the Entire Trust itself ... "

It seems a lot of people choose to "ignore" that....

[rwdutch]

Thank you AZ for this review, it's very appreciated!

[wamugold]

AZ I was always with you!!, I knew u were right all along. Thanks for your contributions.

[Getn otta det]

Very much appreciate you AZ!! jj

[jjflash49]

Thanks for the help AZ


As I understand it when Piers gets paid basically the flood gates start to open.

And, most likely, first of will be the aforementioned "Washington Mutual Capital Trust 2001". which benefits the "shareholders" not the Bond (escrow marker) holders. (COOP is the tell)

The escrows markers will benefit from the trusts that are/were related to the preferred's. These trusts will also come through the flood gate at some point in terms of their value to escrow holders. Timing aside

Am I close?

[hotmeat]

I'm taking your word that the docs stated that in the event of a bankruptcy the "liquidation preference is activated", the "Trust is converted into cash" and is "distributed to Shareholders".

Simple question,...did the document specify how Preferred would be treated if they were not paid in full, reclassified as equity and were cancelled along with Commons, including ALL documentation???



Also, as you stated, WMI maintained a 3% ownership in the WMCT 2001 Trust.

Please explain how that legacy ownership does not pass on to the WMILT since they are obviously WMI's sole "Successor In Interest"



Successor in Interest Law and Legal Definition. The term successor in interest means a successor to another's interest in property, especially a successor in ownership of a business that is carried on and controlled substantially as it was before the transfer.

[Oberthal]

But then one could also mention that all old shares were voided and replaced with escrow markers and the money flowing that way and not to COOP.

[xoom]

Brilliant breakdown Az. Thank you.

[jerrylev]

Those who wish that WAMU assets go to COOP must have bought PIERS or didn't sign release.

[ron_66271]

Thanks AZ.

The "Washington Mutual Capital Trust 2001" is direct property of WMI. That is why The "Washington Mutual Capital Trust 2001" was cited in the BK process as a "posit". As property of WMI in BK, the WMI creditors would need to be paid before distributions.

Other WMI Trust originated and securitized by WMB and it's affiliates as ABS wording is that the WMI debtors need to be 'addressed' before distributions.

Addressed happened with Doc 12563 as we know. For the BM, see 12548, Point 6b;
6. Upon this Order becoming a final order, (a) the Adversary Proceedings shall be deemed dismissed with prejudice and (b) the Clerk of the Court shall be directed to enter this Order on each of the dockets in the Adversary Proceedings.

http://www.kccllc.net/wamu/document/0812229181022000000000001

See Adversary Case Proceedings, and check to see 12563 is '(b) the Clerk of the Court shall be directed to enter this Order on each of the dockets in the Adversary Proceedings'.
;
http://www.kccllc.net/wamu/info/3950


Yes, Rosen wants this done.

[Civil War General]

Did Preferred shares (or bonds as you say) convert to common stock upon bankruptcy?