Replies to post #725330 on Mr Cooper Group Inc (COOP)

[b3]

Reiko- I agree with you on the statement "Those who signed their release(s) became eligible to receive a distribution, per the GSA, and were also given the right to receive any potential future litigation proceeds."

However, it looks like since Class 18 was not made whole, they will receive all the 'future litigation proceeds' BEFORE Class 19 and 21 see any additional compensation. There could be something from Libor, but wouldn't Class 18 take it all ??

Please explain

[lodas]

ReikoBlack........it is my understanding from reading the documents that the Litigating Trust, which was part of the WMIL-T tried to sue the FDIC for 20 billion dollars in illegally seized assets, but the case was denied to move forward because WMI could not substantiate certain claims they were trying to make to the court... also, Rosen stated that the Litigating Trust did not pursue court action to retrieve assets because of the delays, and costs to the estate which would diminish the funds necessary to pay creditor claims....in addition, the delays in coming to an agreement between all cross claims finally set up the GSA whereby all parties were to resolve claims against each other, so as to make the Litigating Trust moot....WMI got 6.5 billion in allowances from the GSA settlement, plus 5.8 billion dollars in NOLS without having to sue the FDIC, and JPM...WMI got 12.3 billion dollars in settlement out of the 20 billion dollar they would have had to sue for, and probably might not have prevailed, and got nothing... 12.3 billion settlement out of a 20 billion dollar claim is 62% recovery for their claims....IMO, when releases were signed, equity claims were satisfied by the terms of the chapter 11 documents, and classes 19, and 22 are impaired from future recovery, both from, and after the chapter 11 closed 11 years ago....LIBOR settlements will not accrue to WMI (which is now defunct) because the FDIC was harmed, not WMI....how was the FDIC harmed?... the FDIC was insuring the liabilities of Banks which were inflated by bogus interest rates, which caused the FDIC to OVER INSURE THE LIABILITIES ON THE BANKS BOOKS.....LODAS