Replies to post #556626 on Mr Cooper Group Inc (COOP)

[dragoon76]

Lots of hot air there, but I like how he said "UNAUDITED". You can hide stuff, only to find it later and say..welll we didn't know it was under THAT part of the rug, LOL.

[tzebedee]

Pretty much clarificaion of AZ's DD And ahat we actually know. All good imo. Thankyou so much!

[LuckyPanda]

"escrow markers are not tradable"

I like this quote. It seems to imply that they were designed this way in the beginning so that the trust will not be liable for whatever disclosure schedule they have with regards to bankruptcy remote assets -- whether by their decision or were forced to follow a legal timeline.

The fact that they issued non tradable escrow markers means that all assets will eventually return to the original owners as of POR7..No one can be manipulated into selling theirs because they lost all hope due to the slow legal schedule.

[jjflash49]

2. No assets being handled by the FDIC Receivership (either hard assets or recoveries in litigations) shall flow to the Trust.

As we thought...thanks ItsMyOpinion

[Civil War General]

3. He never discussed “Off Balance Sheet Assets” such as the required percentage of Mortgage Backed Securities that were the property of WMI and held remotely, thus could never be considered by the Bankruptcy Court or discussed publicly by the WMILT until the bankruptcy closes.
Asking about “hidden assets” does not address these MBS percentages as they are not hidden, just bankruptcy remote.

[Myplace]

His response reminds me of Bill Clinton years ago.

I DID NOT HAVE SEX WITH THAT WOMAN

It depends on the definition of what the word (IS), is? :)

DO NOT BOTHER ME ANYMORE... Already spoken publically about this matter.

Well, It is what it is...

[rp2012881]

If there are indeed no further assets coming back to the estate I think the LT board and their attorneys will be facing a lot of litigation for malfeasance and will eventually have to account for the location of WMI assets.

Mr. Smith's reply wreaked of defensiveness. Wonder why?

[shiftyshoes]

Thanks It'sMyOption!!!

If there's nothing as Chad says, it would suggest that Rosie's Employee mess is the only work still going on. Why hasn't Chad adjusted the exorbitant fees accordingly, or at least proposed to? Why pay A&M anything if their work is long done? Why pay our TABs if we have no representation or Equity Committee anymore? Why pay Chad? Where'd they hide WillyJam?

What the F is going on over there?

[David West]

All assets that were to be transferred to the Trust have been transferred to the Trust in accordance with the terms of the Global Settlement Agreement approved by the Bankruptcy Court.

Maybe hotmeat can interpret that statement for the board.

[BBANBOB]

ITSMYOPTION

THANKS!! and yes LOL

1. heck no there are not thy aren't theirs to report

2. HECK no there aren't TRUSTEES are doing that

Now what I do find interesting though is his comment

"""" No assets being handled by the FDIC Receivership (either hard assets or recoveries in litigations) shall flow to the""""

What about our brick and mortar

[wamugold]

QUOTE:

"Liquidating Trust Interests and/or “escrow markers” held by you and others are not tradeable securities. That said, the Trust will continue to timely disclose information under applicable law."
Mr. Smith

That was all he needed it to say LOL!! pretty clear to me.

[hotmeat]

Thanks again Option for posting. I agree that his answers were evasive, lacked absolute clarity and were IMO incomplete based on the specific questions you asked.

One thing I did note was his focus on "hidden" and "unreported" assets which to be honest is not the terminology that should have been used in questions. He did not address our belief in the existence of Bankruptcy Remote or Safe Harbor assets. The use of those inappropriate terms only gave cover to his inadequate response.

[wcheng]

amazing it took so much effort from itmyoption for WMILT to respond.. instead of WMILT just posting updates or answers on the WMILT website.

[zeus_0100]

That matches what my Professionals told me also. Nothing much at all will be coming to the escrows. So, the only ones who even think otherwise, are victims of the IMBs.

[jerrylev]

Basically Mr Smith replied truthfully to your questions.

1) the FDIC has nothing to do with WMILT. And we already know without any speculation, that the FDIC pays according to the waterfall with the bank depositors at the highest and the SH ai the bottom below the bondholders. What remains will go to SH if there is anything left but WMILT has nothing to do with this.

2) WMILT has filed and disclosed what it has. Now it is up to speculation that WMILT does not have to disclose other assets that it does not have to disclose such as SH, or bankruptcy remote assets. It will be up to us to speculate how much that is but I warranty you that it is not in the hundreds of billions but more like 25B maximum according to the discrepancy in the balance sheet that Justice and HM had found.

I kept saying this but by conflating the FDIC and COOP in your questions, it made Mr Smith avoiding answering to your questions.

All what you need to do is to ask a simple question:

- Is there other assets that WMILT has not filed and disclosed in its SEC filings?

[JusticeWillWin]

That means either EVERYTHING GOES TO COOP or THERE ARE NOT SUFFICIENT ASSETS AT THE FDIC to satisfy bondholders and then flow to equity. Any ideas what he meant exactly?

VERY IMPORTANT UPDATE FROM TRUST MANAGEMENT:
I hope you all can read through how Mr. Smith still wants to not address any assets held in their isolated state of Trusts. I will be sending my reply to him today.

On behalf of WMI Liquidating Trust, I want to thank you for your emails and your ongoing inquiries.

I want to note at the outset that many of the issues that you raise in your emails relate to the FDIC Receivership or to actions taken by Mr. Cooper Group Inc. (f/k/a WMIH Corp.) and have nothing to do with the Trust or Washington Mutual, Inc., the predecessor in interest to the Trust. It is unclear to the Trust’s management why you (and others) continue to conflate these independent, unrelated matters and/or entities and such conflation makes it difficult to understand your true intentions. I also note that allegations made by you and others with regard to “hidden” assets, so-called delaying tactics by the Trust and other specious claims are baseless and wholly without merit.

As you are aware, WMILT continues to publish and make available to the public information regarding the administration of the Debtors' estates. Such information has been (and will continue to be) published in the Trust’s QSRs, Forms 10-K or 8-K (as the case may be) and/or FAQs on the Trust’s website. It is inappropriate to respond to a particular party when others are not afforded the same access to information. We will continue our disclosure processes until the Debtors' chapter 11 cases are closed. While you and others have “demanded” that our responses to the aforementioned issues be disclosed immediately, we fail to understand why requests for information (or clarification) have become emergent recently: Liquidating Trust Interests and/or “escrow markers” held by you and others are not tradeable securities. That said, the Trust will continue to timely disclose information under applicable law.

Notwithstanding the foregoing, we will answer the questions that you have asked:

1. There are no material assets of the Trust other than those that have been disclosed already and no assets are “hidden” or “unreported”. As you know, the Trust submits unaudited financial statements to the Bankruptcy Court under penalty of perjury. Likewise, such financial statements (and other information) are filed with the U.S. Securities and Exchange Commission under Forms 8-K and 10-K and under applicable obligations to ensure that such filings do not either omit material information or include materially misleading information.

2. No assets being handled by the FDIC Receivership (either hard assets or recoveries in litigations) shall flow to the Trust. All assets that were to be transferred to the Trust have been transferred to the Trust in accordance with the terms of the Global Settlement Agreement approved by the Bankruptcy Court.

For more information, please review publicly available information. Thank you.