Replies to post #131375 on Mr Cooper Group Inc fka COOP

[Yohan]

Thanks ILVNMY and WAMUER for clarifying this. I am in WAMUQ for 2 months now and like the ambiance on this board very much. Not much of a professional day trader yet, just looking at the curve and learning from your messages, but I really have a strong feeling that justice might be made this time, well at least I am betting my investment on it, could loose a lot but could make much more, go WAMUQ!

Another newbie question if I may. Since Preferred are paid before Common and there is a potential that Common might be washed (I really hope not), would it be better to be in Preferred like WAMPK? (unfortunately I did not do so and now all my eggs are in the same WAMUQ basket with a $0.02 loss, yes I know that's stupid but I am learning)

[Jestiron]

The U.S. Trustee Program website addresses this....

The Judge determines whether a U.S.Trustee is needed in Chapter 11 cases. (A U.S.Trustee is always appointed in a Chapter 7 case). Once appointed, the U.S.Trustee may appoint equity committees. See below....

Section 1102 of the Bankruptcy Code directs and authorizes the United States Trustee to appoint an official unsecured creditors' committee and provides the United States Trustee with the discretion to appoint additional committees, including equity security holders' committees. The United States Trustee must endeavor to appoint a committee of creditors holding unsecured claims "as soon as practicable after the order for relief. . . and may appoint additional committees of creditors or of equity security holders as the United States trustee deems appropriate." 11 U.S.C. § 1102(a)(1). "On request of a party in interest, the court may order the appointment of additional committees . . . if necessary to assure adequate representation of creditors or of equity security holders." 11 U.S.C. § 1102(a)(2). "On request of a party in interest in a case in which the debtor is a small business [as defined in 11 U.S.C. § 101(51C)] and for cause, the court may order that a committee of creditors not be appointed." 11 U.S.C. § 1102(a)(3).

http://www.justice.gov/ust/eo/ust_org/ustp_manual/volume3/vol3ch04.htm

AJest