Replies to post #585942 on Mr Cooper Group Inc fka COOP

[goodietime]

"Actions prior to BK closing? What needs to be done? Could we compile a list that satisfies the GSA? I would think CIC would have to happen."

DONE:

Senior Notes Claims (Class 2)
General Unsecured Claims (Class 12)
PIERS Claims (Class 16)

NOT DONE:

WMB Notes Claims (Class 17)
Subordinated Claims (Class 18)
Preferred Equity Interests (Class 19)
Dime Warrants (Class 21) ??
Common Equity Interests (Class 22)


Not sure if there is anything else?

[ron_66271]

Payment to Close GSA Must Come First.

The foundational Settlement of the BK and Debtor reorganization must be satisfied first with the BK still open so that the Court can force resolution and/or penalties as needed to protect the Plan. The BK has purposely been kept open for this reason.

Currently, the GSA is only the terms for a settlement. The Settlement is not settled until it is completed with payment. JPM's 41.6 Releases are not in full effect yet. Equity has acted in good faith, now it's time for the other parties to fulfill their obligations of the GSA contract.


Order of Events;
* Non public resolution of WMB receivership.
* FDIC allowing ABS Trustees to commence distributions and pays for "WMB and it's assets" to WMI.
* ABS Trustees distributions satisfies Class 18 claimants and Trust Backed Preferred Shareholders.
* Series K are generously redeemed.
* Payment for "WMB and it's assets" to WMI commons and JPM satisfies Class 17 noteholders.
* Now that all claimants are satisfied, the BK can close. BK can't close with Class 17-18 open.

When ABS Trustees to commence distributions, COOP can S4V.

IMO, B. Rosen/Collins have few delay tools left, just like they planned all along.


HLCEs,
Ron

[hotmeat]

1) Full payment of ALLOWED Class 18 claims ($38.2M)

2) Settlement and/or dismissal of DISPUTED Class 18 claims ($200-$400M Marta claims, ~$15M in certain Class 17B claims)

3) Final decision/settlement of AG's objection

4) Debtors appeal for closure of bankruptcy



The CIC issue is IMO not real; ie, it's a made up theory.

Even if it was real, that is a separate issue between the FDIC and JPM, it has no bearing on our bankruptcy process.

If JPM pays more for WMB's assets, former WMI Equity can receive distributions directly from the FDIC, if sufficient funds are available (>$15.6B), since we are last in line in their "waterfall".