Replies to post #657536 on Mr Cooper Group Inc fka COOP

[SamuraiProgrammer]

The truth is that I didn't like the idea of signing the document but I knew that it was the only rational way to proceed.

Specifically, no, I was not thinking inside BK/outside BK.

The truth is that when I first bought WAMUQ, my goal was to get my part of the $4B in transit from WMI to WMB when the bank was seized. I paid 6 cents for something that looked to me to be worth at least $2. That would have been great. (The history revisionists here have informed me that there was no $4B and I dreamed it all.)

Then as I learned more from this esteemed board, I realized that my investment might have a little more to it than that.

I rode the ups and downs of the whole thing, including Brian Rosen crashing the share price when he said there is nothing for shareholders.

So here we are today. A lawyer has filed a document that asserts something the POR does not explicitly assert. That concerns me.

BBANDBOB asked me (rhetorically I'm sure) if I had ever had any contractual dealings or legal issues. Well, I have. From that, I learned that while, by and large, the legal system is fair and, by and large, lawyers are fine people. I have also seen an attorney be dressed down in front of a court room full of people for sneaking something into a revised filing.

Why is that a problem? The judge could always come back and overrule that later, even if they missed it when they first signed it.

Why is that a problem? Precedent.

So, here we are again. A lawyer has filed a document that asserts something the POR does not explicitly assert. If that document gets through, someone somewhere might point to it and say "See! This is how it is supposed to be. The Judge said so."

Before I figure out what to do about it (if anything), I have to figure out if I know what I am talking about. Thus the discussions here.

I have repeatedly asked for someone to point out where it says that 75%/25% is to the bitter end.

I want to know if I am wrong.

But mostly what I get is invective (not from you).

I will be fine either way. If the amounts are Dr. A's numbers or higher, I will be better off without the 75%/25% distribution.

You asked...

Honestly, when you signed the agreements, were you actually thinking, "inside BK/outside BK?

And I answered truthfully.

But, since you asked, I was thinking about that when I sold part of my Qs to buy Ps & Ks. That decision, by the way, was done way before POR7 was forged and releases had to be signed. I did understand about BK Remote assets and I did understand how that a POR could cancel commons and leave preferreds in play.

Signing the release was purely to keep the investment from evaporating.