Replies to post #157809 on Mr Cooper Group Inc (COOP)

[uzualsuzpect]

Members of the Equity Committee are shareholders of WMI and the beneficial owners of shares of preferred and common stock of WMI. They are entitled to vote in the election of directors of WMI at an annual meeting.

[dannoninvest]

shareholder meeting. would that point to a hint of possible reorganization? I see nothing other. unless it is to discuss what price we could want for settlement, stock swap (which I never see happening). EC must already have concrete value already in place of the value of Wamu or why would they be requesting this. and the date they are asking to be heard, considering it is after reorganization date. had too much coffee, so forgive if I made any error in the dates or facts.

[bluebird50]

Brings into focus why Weil was trying to put the smack down on the EC.......

[marayatano]

IMO, throw out the directers that are in collusion with creditors and elect new member to the WMI board so they can uphold the fudiciary duty to its shareholders, equity.

WMI director will out of the job soon. Yeah!

Sent from phone.

[Kristallweizen]

http://www.turnaround.org/Publications/Articles.aspx?objectID=9658

Doing a little research on the news this evening concerning an annual meeting and the possibility of removing the current BOD, here's some great reading below with link (with sleepys help and perm from ghosts site)... [taken from Y!]

"Quote
...the “right to compel a shareholders’ meeting for the purpose of electing a new board subsists during reorganization proceedings.” The 2d Circuit established that this right could be impaired only by the issuance of an injunction based on a showing that the shareholders were guilty of “clear abuse” in calling such a meeting. The Delaware courts soon followed, holding similarly that shareholders’ rights continue during bankruptcy, irrespective of the degree of insolvency of the company.


Quote
Although the United States Trustee may appoint a committee of equity security holders under Section 1102 of the Bankruptcy Code, in most cases, the estate is insolvent and an equity committee is not constituted. Shareholders generally are left to rely on the decisions of the company’s incumbent management directors and any newly appointed crisis manager to protect and advance their interests. Under most state laws and related corporate governance documents, shareholders hold very powerful corporate governance rights, including the right to call a shareholders’ meeting and to replace a board of directors.


Quote
These corporate governance rights are not affected by the automatic stay embodied in Bankruptcy Code Section 362. Thus, if shareholders are displeased with the way directors or the chief restructuring officer (CRO) are managing the debtor or directing the course of the Chapter 11 case, they may invoke these rights to regain control of the company by removing the incumbent directors and electing new directors. In such a case, the new directors may change the course of the case, perhaps terminating the services of the incumbent CRO. Such an undertaking likely would impact the direction of the reorganization already commenced by the incumbent board significantly. It certainly would cause a delay in the reorganization and possibly the loss of or the renegotiation of agreements already in place with some of the debtor’s creditors.

And:
"Thus, although it may appear that shareholders will have little influence on the reorganization of a corporate debtor in a bankruptcy case when the United States Trustee does not appoint an equity committee, shareholders rightfully may use their corporate governance rights to gain leverage in negotiations involving their rights, such as in the formulation of a plan of reorganization."

We of course already have an EC, and it appears we have the rights being claimed by the EC on top of that. Nice!"

"Corporate shareholders and other “equity holders” hold a PANOPLY of rights under state laws, bylaws, and certificates of incorporation. These go well beyond the right to elect directors. The finely crafted balance of bargaining power in a bankruptcy case may face a significant upset if shareholders who are outside the reach of the automatic stay begin to assert their governance rights in state courts as opposed to the debtor’s home court, the bankruptcy court."

PANOPLY: 'magnificent array' / 'complete suit of armor'

I'm beginning to see some sense behind the Texas insurance crew, making what may have seemed unorthodox changes in their posturing.

I believe the EC just might be "doing lunch" with a few...
interested parties.

[paulebino]

"WMI is a savings bank holding company and the owner of Washington Mutual Bank"

Is the present tense an error or deliberate?