Replies to post #558188 on Mr Cooper Group Inc (COOP)

[Olti100]

Chad Smith is quite a piece of jerk and Willingham as his Chief in Comander too.Their Answers look more as Hide the sausage and bring Gold Feevers rather lets us understand whats going on.

[LuckyPanda]

IMO, the language LT is using to deny existence of any remote bankruptcy assets (i.e. ABS beneficiary interests in various SPVs) is alarming. I wonder how they can walk back this language when those assets eventually show up....unless we are all wrong and FDIC really did gift JPM all of it.


...or maybe he is techincally accurate by saying assets as of "Effective Date".

..or maybe bankruptcy remote assets will never flow back through LT...but in that case who is in charge of distributing those assets?? and what mechanism will they use? where are all the interest profits collected from all the ABS from the last 10 years sitting...according to the language LT is using to deny, I dont think its under any trusts that LT controls has knowledge of existence to...other wise, their denial statement would carry some legal liability.

18. Other than as reported in its Quarterly Summary Reports and/or filings with the
U.S. Securities and Exchange Commission, is the Trust holding any assets that are
“Off-Book”, “Safe Harbor Assets” (e.g., “Washington Mutual Capital Trust 2001”,
“Posit”, or “Retained Earnings) or other assets?
There are no material assets of the Trust2
other than those that have previously been
disclosed and no assets are “hidden” or “unreported”. 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 laws and
regulations, the Trust is obligated to ensure that such filings do not either omit material
information or include materially false or misleading information.
Management of the Trust is aware that certain individuals who have an interest in the
operations of the Trust (e.g., legacy shareholders who do not yet hold and may never hold
an LTI) have suggested that the Trust is hiding assets or is entitled to value from the
Washington Mutual Bank receivership. Such suggestions are inaccurate: the Trust’s
financial statements disclose all of the Trust’s material assets. Additional information
regarding the Trust’s assets as of the Effective Date can be found in the Global
Settlement Agreement and Confirmation Order. We also refer you to the 2017 Form 10-K
and 12/31/18 QSR.
Matters relevant to “Washington Mutual Capital Trust 2001” (the “PIERs Trust”), the
entity that issued the so-called PIERs securities, were litigated extensively in connection
with the confirmation proceedings related to the Plan that was ultimately approved by the
Bankruptcy Court. Since the Effective Date, claimants whose claims against the estate
relate to such securities have received distributions from the estate in accordance with the
terms of the Plan (assuming that such claimant submitted required documentation and
releases in order to be eligible for any such distribution). Apart from such distributions,
including distributions in the future (if any), the PIERs Trust does not represent a source
of value for future distributions, if any.

[AZCowboy]

~ Well What Do Ya' Know ?, ~ There Is No 75/25 To The End ~

... After All' ...

"If value becomes available to distribution to members of Classes 19, 21 and/or 22, how will such value be allocated among those classes?

Value, if any, which may be distributed to members of Classes 19, 21 and/or 22 will be distributed in accordance with the relevant provisions of the Plan. Should value become available to Classes 19, 21 and/or 22, the Trust will provide more details regarding the distribution levels and mechanics, similar to what it has done for current and former LTI holders."

... It's CYA Time, ...

just sayin'

AZ

[LuckyPanda]

ItsMyOption, can you please get CS to state on behalf of WMILT under penalty of perjury something like the following statement?

"Under penalty of perjury, there will never be any assets or monetary gains that are attributable to class 19, 21, and/or 22 other than what is stated in the most recent QSR, the Disputed Equity Escrow, and potential gains from FDIC LIBOR lawsuit."

I think we should have an email campaign to have them state that publically.

[JusticeWillWin]

Hey AZ, did you read it?

IMPORTANT INFO: WMI LT HAS JUST UPDATED AS OF 2/6/2019
WMI LIQUIDATING TRUST
FREQUENTLY ASKED QUESTIONS (“FAQS”)

I have not reviewed it but just got email from CS telling me it may answer some of our questions. I guess they got sick of all my daily emails asking for clarity.

http://www.kccllc.net/documents/8817600/8817600190206000000000001.pdf

update: just a quick read it looks to me they removed the 75-25% split language. keep reading

21. If value becomes available to distribution to members of Classes 19, 21 and/or 22, how will such value be allocated among those classes?
Value, if any, which may be distributed to members of Classes 19, 21 and/or 22 will be distributed in accordance with the relevant provisions of the Plan. Should value become available to Classes 19, 21 and/or 22, the Trust will provide more details regarding the distribution levels and mechanics, similar to what it has done for current and former LTI holders.


This is new:
the Trust has filed proofs of claim in the so-called
LIBOR litigations and may realize a recovery from those proceedings upon resolution thereof; however, there can be no assurances that the Trust will, in fact, realize any such recovery (or recoveries) on account of such litigation and, if so, the amount thereof. On the basis of the foregoing, at this time, the Trust has not recorded on its financial
statements any asset or value attributable to any such recovery. Additional information will be disclosed as and when it is available.

Matters relevant to “Washington Mutual Capital Trust 2001” (the “PIERs Trust”), the entity that issued the so-called PIERs securities, were litigated extensively in connection with the confirmation proceedings related to the Plan that was ultimately approved by the Bankruptcy Court. Since the Effective Date, claimants whose claims against the estate relate to such securities have received distributions from the estate in accordance with the
terms of the Plan (assuming that such claimant submitted required documentation and releases in order to be eligible for any such distribution). Apart from such distributions,
including distributions in the future (if any), the PIERs Trust does not represent a source of value for future distributions, if any.

[jerrylev]

It is clear from Q&A 21 that the trust is the gateway of all payment. There is no such thing as performing trusts that pay outside of the trust. In particular, there is no trust that will survive after the liquidating trust will be gone.

Currently, even if the FDIC may have money remaining for the SH after paying the bondholders, until it happens, the LT has no knowledge of it or pretends to know the possibility. There is nothing that says that the FDIC is obliged to pay the SH. We just happen to be at the bottom of the food chain and will take what is left.


21. If value becomes available to distribution to members of Classes 19, 21 and/or 22, how will such value be allocated among those classes?
Value, if any, which may be distributed to members of Classes 19, 21 and/or 22 will be distributed in accordance with the relevant provisions of the Plan. Should value become available to Classes 19, 21 and/or 22, the Trust will provide more details regarding the distribution levels and mechanics, similar to what it has done for current and former LTI holders.