Replies to post #24871 on Mr Cooper Group Inc (COOP)

[The_Pink_Lawyer]

Right. What this Motion is is a request to shorten the time for consideration. Pursuant to the Bankruptcy Rules, the interested parties must wait at least 18 days before a hearing can be commenced. With the Motion, Washington Mutual, referred therein as "WMI" is requesting the Court to in essence waive the waiting period, in this case to six days (the Motion was filed on Oct. 14 - hearing requested Oct. 20). As part of the reasons for requesting the expedited hearing, WMI purports that WMI and JPMorgan Chase wish to stipulate, i.e., agreed, that the $4 billion in deposits are indeed owned by WMI. The hearing would be for the Court's approval to allow WMI and JPMorgan Chase to proceed with a formal stipulation, which will become part of the case record. It further states that the $4 billion in deposits may be used by the debtor-in-possession (WAMUQ) as part of its portfolio to pay creditors, as necessary.