Replies to post #657490 on Mr Cooper Group Inc fka COOP

[SamuraiProgrammer]

Split, Yes, we are waiting.

Respectfully, I realize that how the divisions of payment ultimately play out will affect many of us. Some to the good, some to the bad - depending on how it shakes out. Like you, I will be fine either way.

In all honesty, my primary source of anger is not at the 75/25 possibilities - I think we can all agree that whatever THJMW intended is likely what will happen. I, personally, can also agree that if THJMW intended for the 75/25 to go to the bitter end and encompass BK remote assets, then so be it. I just don't have any certainty that the POR intends to cover BK remote assets. If someone can show me a quote from that document, I would love to see it.

Also, the amount of money to be distributed will affect how someone benefits from each possibility. As odd as it may sound, if the money to be distributed is more like THJMW's post of $10B, I will be better off with 75/25 than APR.

My original anger was spurred by paragraph 60 of the 5/20/21 filing.

60. Accordingly, to protect Class 19, all payments earmarked for Class 22 should be escrowed until the full dilutive effect of the Claim is ascertained.

After all of the rhetoric here about how AG was not trying to delay things - there it was in black and white.

Note the word all. Note also that elsewhere in the document she indicates that Class 22 should owe at least $4.32B. Why not ask for $10B to be placed in escrow (surely that would cover it)? Why not ask for $20B (excessive, IMO)? A continued delay of distribution is only negative for Class 22 stakeholders.

Yes, in my next post, I listed the math. It bothered me quite a lot, but I assure you my primary displeasure was due to the possibility that the disbursal we have been sooooo patiently waiting for was in danger of being delayed again.

As I stated earlier, I understand that which way the BK Remote asset disbursement is handled (75/25 or APR or trust backed value) it will affect the bottom line of each person.

My belief system has been that BK remote would be APR. At that time, preferreds would get accumulated interest and face value (in addition to the COOP nee WMIH stock already acquired) and commons would get the rest. When I read paragraph 24

24. Plaintiff has no reason to doubt the veracity of the Source, whose information is unchanged
during the more than two years that the Source has been disseminating information in
connection with the matters stated herein. Assuming the source is correct about the MBS
and its value being $600 billion, then the portion of same belonging to Class 19 is $450
billion and the value of the Claim is $4.32 billion.6

my kneejerk reaction was that she was trying to sneak through a judgement that would move things from APR (or trust backed value) into the 75/25. I could be wrong about the intent of POR 7. I will look through it again.

It was pointed out to me yesterday that POR explicitly states that 75/25 encompasses BK remote. I haven't looked but intend to this afternoon.

I have tried to hedge (financial definition) my position whenever possible.

First I sold about 1/2 of my Q's and used the proceeds buy Ps & Ks (equal split) in case the waterfall never reached Qs.

Then (more recently) I bought some KKR in case KKR ended up with some (or most) of the BK remote value. I didn't think they would but I still don't know for sure how that will play out. At least it has been a profitable investment on its own.

I have added to my COOP position in case the company absorbs the values and escrows are left cold. I don't think it will happen that way but a hedge is all about protecting against something.

So, in my position, I will be angry (and happy) at most anything that happens short of the money having disappeared. Angry at having hedged or not having hedged enough. Happy at having hedged or not having hedged enough. I do believe, however, that when the money flows, I will be happy.

As time marches forward we will see more clearly.

One last thing.... I don't think the last attempt to steal our assets has happened yet. This is another reason I fear delays.

All IMO. Have a great day!