Replies to post #558295 on Mr Cooper Group Inc fka COOP

[mordicai]

If there is anything that is going to pop up anywhere it will be in Coop.

[Civil War General]

ISSUE OF OWNERSHIP is the key.

“The issue of ownership of the beneficial interests were under the jurisdiction of the bankruptcy cases, but the actual assets of MBS Trusts were outside of the bankruptcy cases and deemed in safe harbor thus being bankruptcy remote.”

There is little doubt that the assets are there. The real question being discussed on this board is WHO OWNS THEM!

Camp 1 says the Bankruptcy Court cancelled the prospectuses and issued escrow tracking markers (now visible in our accounts) which lump Preferreds and Commons into EQUITY and these assets will be shared 75/25 through the WMILT (most likely) or some other mechanism.

Camp 2 says Bankruptcy Remote means that they will ignore the Courts ruling cancelling prospectuses and the preferred class will receive its original face value as it was originally intended by WMI pre-Bankruptcy (now bankrupt and under the authority of the Court), thus the P, K and TPS will receive their $1,000, $25, and whatever TPS was originally supposed to receive, while all of the rest of the remaining assets will go to Common shares whether they released or not.


Take your pick!??

[jerrylev]

Forget about the FDIC, their obligations are to the depositors (none) then bondholders then us last.

There cannot be any trust that continues to operate without paying tax.

Everything was liquidated and the proceed either sits in some Delaware trusts or are not paid for yet.

Mining right is a joke like bitcoin.

[BBANBOB]

DMDMD

""3) Per the testimony of a lawyer representing the Unsecured Creditors Committee in the bankruptcy proceedings, the “retained assets” will be there (“Holy Grail”). IMO...the “retained assets” are referring to the non-banking assets."

And all one has to do is to ask Justin how well it worked out trying to discuss those assets!

[Royal Dude]

Thank you for your commitment to the Share Holder, A true fiduciary, thank you again

[zeus_0100]

quote by dmdmd; "The issue of ownership of the beneficial interests were under the jurisdiction of the bankruptcy cases, but the actual assets of MBS Trusts were outside of the bankruptcy cases and deemed in safe harbor thus being bankruptcy remote. "


That alone tells you that the holders of escrow markers CANNOT be the owners of the actual assets, or else the BK court could NOT have deemed the assets as BK remote.[color=red][/color]

[Muff77]

Hi DM,

very clever explanation, I apreciate Your work !
GLTA
Muff

Your quote:
IMO...my conclusions as of February 08, 2019:

1) WMI Non-Banking assets were not sold by the FDIC to JPMC, or any other entity because they are not under the jurisdiction of the FDIC or the bankruptcy proceedings thus making them bankruptcy remote. Therefore, non-Banking assets will not be returned through the FDIC Receivership. Thus the FDIC can claim that it has zero assets returning to WMI Escrow Marker Holders.

2) Non-Banking assets : MBS Trusts created by WMI subsidiaries, mineral rights, etc.

3) Per the testimony of a lawyer representing the Unsecured Creditors Committee in the bankruptcy proceedings, the “retained assets” will be there (“Holy Grail”). IMO...the “retained assets” are referring to the non-banking assets.

4) the important insiders (i.e. Bonderman et.al., Underwriters) have been patiently waiting quietly, and they haven’t filed any suits lately against the WMILT or FDIC

5) The Judge Walrath ruling on February 01, 2019 (disallowing all Ex-employee Claimants’ claims) isn’t final yet until the 21 day stay has expired (February 22, 2019) for an appeal.

6) IMO... After the Bk cases are closed and the FDIC can finally unfreeze all the illegally seized non-Banking assets (5th amendment taking), there will finally be accounting of recoveries to WMI Escrow Marker Holders.

[Split T]

Dmdmd, for your records, Robert Johnson Esquire of Akins Gump made the declaration in open Court regarding Part (B) the Retained Assets.


"3) Per the testimony of a lawyer representing the Unsecured Creditors Committee in the bankruptcy proceedings, the “retained assets” will be there (“Holy Grail”). IMO...the “retained assets” are referring to the non-banking assets."

[Large Green]

Dmdmd2020, here you go. The Holy Grail Transcript


Infamous WaMu Holy Grail-Retained Assets Transcript- NOTICE What it Says About WMILT

Pages 70-72

We also have in there the part (b) of what is to be retained, and that is because in

negotiations that we had with all of the settling parties, with the equity committee

last week, with the FDIC, we did talk a great deal about the concept of the retained assets

Now, it's my position, Your Honor, that the examiner doesn't need to do

much with the retained assets other than say the assets are retained and therefore

the liquidating trust can go ahead and pursue them. They will still be there; they

can be carried through. But I understand that the equity committee is very

interested in having a neutral third party do an investigation of those retained assets.


http://www.sidedraught.com/stocks/WashingtonMutual/Transcripts/2010%20July%2020/08-12229-20100720.pdf


http://investorshub.advfn.com/boards/read_msg.aspx?message_id=135773992

[PickStocks]

Thanks for posting this. It is getting tough reading between the lines from LTI to fdic that nothing exists and when there are flags that say there is money left for shareholders.