Replies to post #720041 on Mr Cooper Group Inc (COOP)

[lodas]

thank you for this clarification to my post...you are indeed a well educated and concise reader of the documents, and implications that underlie that statement about cancellation of preferred and common....Lodas

[dugit69]

ReikoBlack, This was an old post I had in June 2018 which was my opinion then and still is. Good luck all the longs.

dugit69
Re: None
Monday, June 04, 2018 6:27:07 PM
Post# 521217 of 720042

Absolute Priority Rule/US Supreme Court

My opinion: The absolute priority rule is the law of the land, not to be changed by any judge or the FDIC without “CONCENT” of creditors. In our case the bankruptcy court did not change the absolute priority rule but merely approved the new agreed settlement plan by TPS, P’s, K’s, and U’s and ruled their plan to be fair and equitable. That plan was for all future assets to be distributed at 75%/25% to the end. The creditors only approved the U’s participation because of possible higher assets. The U’s consented because of higher chance of getting anything is better than nothing. Everyone signed releases. The argument of assets outside the bankruptcy court means nothing because U’s agreed to the new plan distribution of 75%/25% for their stock ownership for any assets returned.

April 6, 2017, the United States Supreme Court held that bankruptcy courts may not approve structured dismissals that provide the distributions that violate the Code’s priority rules without the consent of the affected creditors. Google It. Only way to change priority rule is with “consent”. Consent happened with the settlement plan, which made the POR7 the only distribution everyone will see.

The Supreme Court did not address “Gifting”. Gifting also changes the absolute priority rule and affects creditors. I believe the 2017 ruling by the US Supreme Court applies to bankruptcy courts and the FDIC the same. The FDIC cannot gift JPM a multi billion dollar company for 1.8 billion without the written consent and release of the creditors. Same as the bankruptcy court, in my opinion. The majority of our assets are still intact and most will be coming back.

Good luck to everyone and hope WMIH starts to move soon. I am unable to respond to questions but wish everyone good luck on this investment. I just wanted to throw in my 2 cents on an issue that no one seems to agree. Not wanting to change anyone's opinion because it simply does not change what happens. I also can see the opposing sides opinion. Just not what I believe. I appreciate everyone’s hard work and contributions.

[goodietime]

"There is a specific reason why the Preferred and Common prospectus were voided - the Absolute Priority Rule . On any possible recovery, in order for both classes (Class 19; Preferred and Class 22; Common) to receive one, simultaneously (75%/25%), the Absolute Priority Rule needed to be abandoned. Both classes agreed to this stipulation."

Reiko, How can this possibly be???

lodas has read all of the Documents and CLAIMS nothing of the sort exists...