Replies to post #549706 on Mr Cooper Group Inc (COOP)

[JusticeWillWin]

I think the POR is clear, Reorganized WMI (which is COOP, do you agree?) "triggers" the administrative dissolution of WMCT2001 (do you also agree?). But we cannot be 100% sure who will get the liquidation preference (if there is any). Will it be COOP or the WMILT? WMILT makes more sense, I agree (why let Reorganized WMI dilute by 80%), but on the other hand, it doesn't make sense to let Reorganized WMI "trigger" the dissolution of WMCT2001, but the liquidation preference goes to another party (=WMILT).

I hope we will see a progress soon...

The WMCT being a Creditor of the Debtor can be simply explained with the example of an entity that owns all the stock of Trust/Entity holding say $1000 in assets. If the owner decides to sell $300 worth of those assets as a fixed return investment to 3rd parties, they would automatically become Creditors of the seller. This does not negate that the owner still possesses $700 worth of assets thus being both a Creditor and Owner simultaneously.


Re the WMCT and Piers...I am yet to see a bankruptcy where a Debtor retains a substantial liability and allows the backing asset to be "gifted" to another non-bankrupt, reorganized entity. Then there's the issue of why WMIH has not publicly filed such assets since WMCT's dissolution, being a fully reporting entity. The theory that WMIH received WMCT's assets just does not appear to be plausible.

I believe once Piers are paid in full more light will be shed on this issue.