Replies to post #657300 on Mr Cooper Group Inc (COOP)

[Major_Bankz]

CORRECT, NO 75/25, It Will be $500B /2 B Commons = $250 per common Escrows IMO

[AZCowboy]

~ Well Done Sam, "Knowledge Is Not Welcome (h-e-r-e')" ~

... Very Well Done ...

(SamuraiProgrammer post# 657300)

"OK NOW I'M PISSED!

Referring to AG's lawsuit.

EVERYONE should read it. It is readable (i.e. not too much Legalese instead of English).

My understanding from first reading with 'broad strokes' conclusions at the end:

Paragraphs 5 - 12 : GOOD LORD, 8 paragraphs to contrive jurisdiction for New York state? This is one place the whole lawsuit falls apart, IMO.

Paragraph 24 - AG is insisting that the MBS should be distributed according to the 75%/25% allocation between class 19 (preffereds) and class 22 (commons). If I understand things correctly, the MBS holdings were bankruptcy remote and should not be part of the 75%/25% allocation.

Paragraph 25 - Not only 75%/25%, but she wants Class 22 to pay Class 19 another 4.32 billion???

Sixth Cause of Action (paragraphs 58 to 61) - She is asking for payment to Class 22 to be delayed until she can convince someone (anyone) that the assets really belong to Class 19.

Eight Cause of Action (paragraphs 66 to 68) - Much the same as Sixth Cause

Ninth Cause of Action (paragraphs 69 to 74) - AND she wants to lay the groundwork to sue everyone involved with the trust.

Eleventh Cause of Action (paragraphs 81 to 84) - She is asking that the assets be declared as the property of WMI.

Thirteenth Cause of Action (paragraphs 88 to 90) - She is asking that MBS assets not be used or sold ...

Paragraph 90 - AND she doesn't want to post a bond to make it happen.

Fifteenth Cause of Action (paragraphs 94 to 97) She is asking to be paid for her trouble.


Conclusions

IN MY OPINION

I believe:

1) The MBS assets were BK remote

2) BK remote assets are not part of the 75%/25% scheme.

3) She is trying to make sure they are distributed at 75%/25% - this will destroy common escrow holdings. I will provide my numerical estimates in my next post.

At the very least, she is explicitly trying to delay distribution (at least to commons) in Sixth Cause of Action and Wherefore paragraph 6. OF THIS THERE IS NO DOUBT - SHE IS TRYING TO DELAY DISTRIBUTION!"

AZ

[yes9]

Thanks brother!

[Bill48]

Well done my friend!! Awesome analysis ??

[ItsMyOption]

SamuraiProgrammer - I agee AG law suit is a slap in the face for anyone owning just class 22 - she should go back to law school.

The assets we are all waiting for are bankrupt remote, held in Safe Harbor and not part of any 75%/25% distribution.

I now feel she may be working for someone else interests that wish any distribution delayed - plus what she wants is to get paid for her work - where is that money going to come from the LT most likely has spent most of it.

I sure hope this does not cause more delay

[Split T]

SamuraiProgrammer, Do you believe Escrow Share Holders will see an actual payout by July 5 that was instigated before June 30, 2021?

[SamuraiProgrammer]

I'M STILL PISSED

Here are the results of the math I promised you:


The assumptions:

These (with the exception of the assets) may not be exact but they should be in the ballpark.

There were 2,906,421 P's released.
There were 18,166,565 K's released.
There were 1,194,340,178 commons released.
Interest on P's and K's is computed at 12.75 years (close I think)
Interest on P's and K's was 7.75%
Bankruptcy remote assets of $600B (AGs number - I have no idea)

Interest on P's $988.13
Interest on K's $24.70
Interest on Q's $0.00

With 75/25 split plus interest

P's $ 132,414.16
K's $ 3,310.35
Q's $ 124.19

Without 75/25 split but with interest

P's $ 1,988.13
K's $ 49.70
Q's $ 493.96

If AG has her way, common escrows will be worth (at most) 25% of what they should be.

Forget about the 1% recover due to UWs and how Class 22 should bear that cost. That is distraction. PARAGRAPH 24 SHOULD BE THE CENTRAL FOCUS!!!!

I own all three 'flavors' of escrows. With my mix, if Paragraph 24 is upheld, my returns will be around 1/2 what they should be.

AG is NOT my friend!

[dennyduper]

This is funny to me, you and a bunch of others didn’t care if the P’s got destroyed. Oh shit, now it affects the commons and you crack the hell up. They always say be careful what you ask for or what is fine with you one way. Things always have a way of boomeranging around and slap you in the face. KARMA!

[Civil War General]

By the terms or the POR, a contract, by which escrows exist, and we all agreed to, in writing, class 22 commons must indemnify class 19 for their losses.

By the terms or the POR, a contract, by which escrows exist, and we all agreed to, in writing, 75/25 is the agreement.

Without the POR contract, escrows wouldn’t exist and we would not be having this conversation.

As they say, it is what it is.
Commons can’t have their cake, agreeing to participate in the POR contract in order to exist, and then eat it too, ignore the terms of the POR contract, and take all of the cake for themselves.

[Tradeinman]

My take.......

Class 19 should have the larger windfall of any F&R payments. Commons are almost always cancelled.

She is long winded in making her points. Numerous paragraphs to hammer out the same point. Show me an attorney that doesn’t do this. The whole legal system is a scheme. What’s the saddest part of a bus load of attorneys going off a cliff?
There were 2 empty seats.

Regardless of her points and regardless of some stating she is poor and sloppy......show me anyone else with the frickin balls to do anything like this!
She is the only one standing up for herself and everyone, or class 19, can grab on to the coattails. No one else here has done anything.

AIMO - Have a nice Holiday.
(It’s not about grilling and planting flowers btw. RIP)

[StillHoping]

Of course she is trying to delay distribution because if distribution happens the money UW are getting is gone. If they want they can distribute the money now and be done with it. AG is not preventing them from distributing the money.