Replies to post #634132 on Mr Cooper Group Inc (COOP)

[PickStocks]

You are correct there is no announcement coming, which makes the predictions of paying quarterly or even yearly a risk because of what you stated, “they have been paying their investors not equity” these accounts should have cashed out. Either way there is no timeline or dollar amount of what is being paid.

For all we know we may not even get the cash payment. Bk is closed. Nothing to block distributions.

Again great job in passing that information. I am still skeptical if we cash for the 31 month divi or even 10b from all this. We are not in control.

[hotmeat]

Post 568675 to mordicai.......Sunday, 04/07/19 07:22:53 AM

Quote: "Is it possible that the terms of the TPS agreement was that the supporting assets, upon an "Exchange Event as occurred in 2008, would remain with WMB but the converted Trust Securities (REITS) would still be entitled to the benefits of their investment???

I am unclear why any investor would voluntarily agree to a clause that would result in their $4B asset base being seized, thus leaving them without any compensation or legal recourse."




Assuming you are 100% correct...I've long questioned how the Exchange Event (EE) could have resulted in the TPS being stripped of it's assets and ownership transferred to JPM....what Investor would agree to such terms!?!?!

It seems to be that the EE only transferred management of the assets to JPM, as the purchaser of WMB, rather than full ownership of the assets, meaning JPM merely assumed WMB's role as the servicing bank for these assets.

This action prevented what normally happens when bankruptcy is filed where those TPS assets would have likely been liquidated to pay the TPS investors and resulted in WMB losing that $4B worth of assets on it's books, thus the reason the EE was implemented.

After the EE occurred the TPS were converted to WMI Preferred Stock, ie, the REITS, which automatically stopped all payments to them due to the ongoing bankruptcy but is now able to resume because those cases are now closed.

This might explain why the REITS (TPS) holders adamantly wanted to be in their own class above Preferred and Common Equity, the reason being that 12 years of accumulated TPS dividends would have to be shared with the PQ, KQ and UQ holders rather than them receiving it all..



TPS: 93.2% released

Series R: 96.9% released

Series K: 90.8% released

Commons: 70% released

[Roach58]

THE WMI/WMIH CORP stuff was put on ice until our BKs closed this last spring.

Would you know if any of that value would have been collected by the fdic receiver?