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Replies to post #106214 on Mr Cooper Group Inc (COOP)
jhdf51
10/05/09 2:20 AM
#106238 RE: fsshon #106214
dmceng
10/05/09 10:22 AM
#106300 RE: fsshon #106214
uzualsuzpect
08/13/11 11:02 AM
#328102 RE: fsshon #106214
fsshon Member Profile fsshon Member Level Share Monday, October 05, 2009 12:02:01 AM Re: pungen post# 106160 Post # of 328101 WMI lawsuits against JPM summary $12 bet combo! From this filing in Delaware bankruptcy court, 5/29/09: http://www.kccllc.net/documents/0812229/0812229090529000000000010.pdf 1st CC, p114: Capital contributions: avoidance and recovery, ~$6.5B, fraudulent transfer 2nd CC, p115: Capital contributions: avoidance and recovery, ~$6.5B 3rd CC, p116: Trust securities: ~$4B, avoidance and recovery 4th CC, p117: Trust securities: ~$4B, avoidance and recovery 5th CC, p118: Trust securities: ~$4B, avoidance and recovery 6th CC, p119: Trust securities: ~$4B, avoidance and recovery 7th CC, p120: Trust securities: ~$4B, declaratory judgment that securities are property of Estate 8th CC, p121: Preferential transfers: avoidance and recovery 9th CC, p122: Preferential transfers: avoidance and recovery 10th CC, p123: Fraudulent transfer: P&A Transaction is avoidable as a F.T. 11th CC, p124: Disallowance of claims by JPM 12th CC, p125: Declaratory judgement on all "Disputed Assets" as property of Estate 13th CC, p126: Turnover of intercompany amounts due 14th CC, p126: Unjust enrichment claim **15th CC, p126: Trademark infringement **16th CC, p128: Trademark infringement (common law) **17th CC, p128: Patent infringement **18th CC, p130: Federal copyright infringement (**Note the jury trials demanded for 15-18) ------------------------------ Valuation of WMI amended counterclaims against JPM, filed 9/11/09, Delaware Bankruptcy Court: http://www.kccllc.net/documents/0812229/0812229090914000000000003.pdf A. Capital Contributions: by WMI to WMB (JPM) -- constructive fraudulent transfers -- value $6.5B B. Trust Securities: WMI owns but value went to WMB (JPM) -- constructive fraudulent transfers -- value $4.0B C. Other transfers: by WMI to WMB, fsb, or for benefit of WMB (JPM) -- constructive fraudulent transfers -- value $3.4B D. WMI received less than reasonably equivalent value for WMB when sold to JPM -- unliquidated - no value specified -- catch-all for total value not included in other claims? E. Intercompany Accounts: owed by WMB (JPM) to WMI (does NOT include $4B cash in DDA) -- 177M + 22M + 490M -- value $0.7B F. JPM unauthorized, intentional, and infringing use of WMI intellectual property -- trademarks/service marks, patents, copyrights -- value of WAMU brand alone $6.0B ----------------------------------------------------- ------- TOTAL value = $20.6 billion + unliquidated claims $12+ is a safe bet. Most of the legal analyst's both boards put it at around $24/s. The reasoning goes like this: 1. Book value of WMI on June of '08 was $26B see their 10Q. 2. Aug. '08 TPG put in almost $8B. Capital infusion. It was originally preferred stock but was converted to commons. This is what Bondermann and the Texas lawsuit is about. 3. Independent auditors have placed a book value on WMI of around $52B. 4. In a court case damages could run as high as 3X book value if it goes the distance to a jury trial. 5. Our legal analyst's both boards think Weil would ask a minimum, 2X book value for a settlement. 6. So, 2X book value at low number $26B would equal $52B settlement money. Subtract $8B liabilities, $4B P's & H's (bonds are part of WAMU Bank not WMI so not accountable here). That leaves $40B for the commons. $40B/1.7B O/S equals $23.5/s. End of story. 7. Interesting to note: All legal minds of both boards seem to agree on this scenario.