Replies to post #605164 on Mr Cooper Group Inc (COOP)

[AZCowboy]

~ Hex, Here Is How I Have Viewed Class 21 (dimeq’s), and Class 18’ ~

Being that the “Dime Bank” litigation was active at the time of the filing of the WMIIC / WMI Bankruptcy’s, ... I take this following text direct from the WMI Plan 7’s Voting Tabulation and Elections ...

“Holders of (i) Disputed Claims in Classes 12 and 12A and (ii) interests in Class 21 (Dime Warrants) were entitled to make elections thereunder (together, the “Electing Classes” and, collectively with the Voting Classes, the “Solicited Classes”).

“*Declaration, pursuant to an Order of the Bankruptcy Court, votes on behalf of holders of interests in Class 21 were deemed cast in support of acceptance of the Plan. However, because the distribution to the class of holders is through Classes 12, 18, and 22, such votes were cast in Classes 12, 18, and 22. Individual holders of interests in Class 21 were sent Election Forms on which to grant certain releases, in order to be eligible to receive such distributions pursuant to the Plan.”

“Additionally, with respect to Class 21, in accordance with the Stipulation and Agreement Between the Debtors and Class Representatives of the LTW Holders Resolving Adversary Proceeding and the LTW Proofs of Claim, dated January 10, 2012 (the “LTW Stipulation”) and the order, dated February 11, 2012, approving the LTW Stipulation, votes to accept the Plan were deemed cast in, among other Classes, Class 22. Because the class of holders of Litigation Tracking Warrants are to receive 8.77% of the distribution to Class 22, for voting purposes, they have been given 8.77% of the votes in Class 22, which Class also includes, as mentioned above, certain Claims that have been subordinated to the level of Class 22.”

“ Holders of Dime Warrants in Class 21 entitled to make elections pursuant to the Plan could note their decision regarding the Release Elections on their Election Forms by electing to “opt in” to or “opt out” of granting such releases.”

... I believe the following text will now complete the answer to your question’ ...

“Pursuant to the Procedures Order, all claims filed in Class 21 were Disputed Claims, eligible to opt in to the Release Election but not to vote to accept or reject the Plan. On February 1, 2012, the Bankruptcy Court approved that certain Stipulation and Agreement Between the Debtors and Class Representatives of the LTW Holders Resolving Adversary Proceeding and the LTW Proofs of Claim, dated January 10, 2012 (the “LTW Stipulation”), pursuant to which the class of all holders of Litigation Tracking Warrants originally issued by Dime Bancorp is to receive a Class 12 Claim in the amount of $9,000,000.00, a Class 18 Claim in the amount of $10,000,000.00, and 8.77% of the Reorganized Common Stock to be distribution to holders of Common Equity Interests. Pursuant to the order, dated February 11, 2012, approving the LTW Stipulation [D.I. 9649] (the “LTW Order”), and in accordance with the terms of the LTW Stipulation, including paragraph 13 thereof, votes on behalf of holders of interests in Class 21 were deemed cast in support of acceptance of the Plan. However, because the distribution to the class of holders is through Classes 12, 18, and 22, such votes were cast in Classes 12, 18, and 22. Individual holders of interests in Class 21 were sent Election Forms on which to grant certain releases, in order to be eligible to receive such distributions pursuant to the Plan.”

Class 21, Opt In Tabulated;

Opt-In / Granted Release = 2,691,838

=============================

And as we are (thankfully), quickly approaching the disillusion of the financially insignificant WMI-LT on January 10, 2020 with its final payment to Class 18’, ... I’ll add this information for continuity ...

Class 18,

Voting Amount Calculated in Dollars;

LTW Holders = $10,000,000.00
Tranquility = $1,000,000.00
WMB Notes = $15,000,000.00 ... 1

AZ - Am I right in thinking that class 21 DIMEQ That according to POR seven was impaired and NOT allowed to vote -had their transitional accounts canceled- being able to vote on the plan is essential in order to have a transitional account is that correct?


21. Dime Warrants (Class 21)
Class 21 is Impaired by the Seventh Amended Plan. Each holder of an Allowed Dime Warrants is not entitled to vote to accept or reject the Seventh Amended Plan and shall be conclusively deemed to have rejected the Seventh Amended Plan.

... I hope this was helpful ...

AZ

[Split T]

Hexson, What you posted is not factual at all regarding the Dimes!

From POR 7: “*Declaration, pursuant to an Order of the Bankruptcy Court, votes on behalf of holders of interests in Class 21 were deemed cast in support of acceptance of the Plan.


"21. Dime Warrants (Class 21)
Class 21 is Impaired by the Seventh Amended Plan. Each holder of an Allowed Dime Warrants is not entitled to vote to accept or reject the Seventh Amended Plan and shall be conclusively deemed to have rejected the Seventh Amended Plan."