Replies to post #121688 on Mr Cooper Group Inc fka COOP

[redbudal]

Ex post!!! Thanxs!

[Jack_of_All_Trades]

Very encouraging. Thanks for posting that.

[ILVMNY]

Excellent post, WaS. That addresses what I've been struggling with. Can they cancel commons with this kind of litigation ongoing? It wouldn't seem ethical at all, but if they could, would they? Nobody seems to know for sure, but if it's up to the judge, it makes sense the judge wouldn't allow that.

[rickszy]

Thanks WaS. This sentence “But as Matt made clear, neither of these statements is set in stone right now and we can't/won't know anything for sure until we see money/assets transferred back to WMI that rebalance the As and Ls or a plan for reorganization isn't just put forward, but has been approved by the Judge.” pretty much sums it up and is the reason that we want some RULINGS on several major issues! … rs

[JohnnyWinter]

Fri 9/25/2009 2.40 670 1,608.00 Review timing of worthlessness deduction.

(page 34)

Thur 9/10/2009 1.30 550 715.00 Review of unclaimed property claim. Reviewed research related to all 17 unitary states in which WMI files
and made conclusions related to AK, CA, CO, ID, IL, HI, MT, KS. Conclusions relate to availability and
timing of a worthless stock deduction.

Wed 9/16/2009 0.30 550 165.00 Discussions/emails regarding WMI's federal stock basis calculation, its timing, and responsibility for the
state stock basis calculation.

(page 38)

Thur 9/3/2009 7.50 220 1,650.00 Work related to the worthless stock memo prepared in support of WMI & Subs' 2008 return.

(page 45)

Thur 9/10/2009 7.70 220 1,694.00 Researched and drafted stock basis memorandum. Worked on a number of issues in the stock basis
memorandum, including the worthless stock deduction rules. The stock basis memorandum describes
analysis, assumptions and methodology in preparing an estimate of the stock basis of Washington
Mutual Bank as of August 31, 2008 for regular federal income tax purposes.

(page 46)





Wed 9/23/2009 1.80 550 990.00 Conference calls re: documentation retention; documentation data review; state tax memorandum
amendments; conference call re: JPMC total tax receivable and analysis of summary worksheets with
review of related state tax refund amounts.

(page 37)

Thur 9/24/2009 6.50 550 3,575.00 Conference call re: documentation retention; conference call re: basis study updates; project mapping for
stock deduction analysis and basis study amendment; review and analysis of basis adjustment rules re:
excess stock deduction; review and continued drafting of overview study memorandum; analysis of JPMC
tax receivable summary.


(page 37)

Fri 9/25/2009 1.40 355 497.00 Review JPM proof of claim for reasonableness of the state tax refunds

(page 43)


10/21/2009 0812229-1793 1750 Monthly Fee and Services Report of Alvarez & Marsal as Restructuring Advisors for the Debtors and Debtors in Possession for the Period from September 1, 2009 Through September 30, 2009


http://www.kccllc.net/documents/0812229/0812229091021000000000006.pdf

[linda1]

First of all who is Tal Sapeika? Is she a receptionist at Weil?


Has WMI ever had a news release that stated they do not expect any recovery for the commons or that the commons will be canceled?


If not, then it is unofficial insider information from an employee of Weil.


I did not know that you have been posting here as long as Mordicai - my apologies.


So what you are saying is that an employee of Weil made a private comment that as of this moment they expect no recovery for the commons due to the liabilities exceed assets.


In the event however monies are recovered in the lawsuits and assets exceed liabilities then that will change to recovery for the commons.


This same employee of Weil also said there were no plans at present to cancel equity.


Is this more or less correct?

[linda1]

In fairness to Mordicai, it was I who took his statement out of context and used it as reference in my post to you and it was I who questioned your memory.


Mordicai's statement was simply this "I do not recall WMI or its lawyers anywhere ever even hinting the common is to be cancelled!"


The statement was not posted to you or to me and so it should not be taken personally.


Until WMI issues a public news statement saying there will be no recovery for the commons or that the commons will be canceled then I agee the issue is up for a fair debate.