Replies to post #748251 on Mr Cooper Group Inc fka COOP

[PickStocks]

Quote: "The non banking subsidiaries are outside of the bankruptcy and belong to the reorganized WMI. This value was $40B in assets and 18 years of income. Confirmed by the FDIC with a letter to Newflow. 3. As reported by Globic the 5th DC court confirmed the beneficiaries of all WMI MBSs cannot be changed and belong to the reorganized WMI. (The income is stored in the three WFB trusts.)"
For this to be true, there has to be documents supporting that....point us to the documents.  Especially the FDIC documents...we would like to prove you right....

[BigBang]

So when can we expect all this money to be released to those that were invested in WMI? What’s holding things up?

[PickStocks]

John yes you are right there were subsidiaries listed 33 that turned into 7.

Non-banking, non-debtor subs existed: “As of the Petition Date, WMI also had several non-banking, non-debtor subsidiaries… A complete list of the Non-Banking Subsidiaries… is set forth [in the Disclosure Statement].” It shows 33 non-banking subs at filing, later consolidated to 7 during the case, with cash distributed to WMI.

How they were handled: WMI reorganized/merged/sold assets of those subs and upstreamed cash to the estate; the equity in those subs was property of the Debtors even though the subs didn’t file.

FDIC distinction (bank vs. holding company): WMB was seized and put into FDIC receivership (not Ch. 11). The holding company (WMI) filed Chapter 11 the next day. FDIC confirms this separation.

If someone has the specific subs I can trace how it was treated (merged, sold, cash upstreamed) with page cites.