Replies to post #184322 on Mr Cooper Group Inc (COOP)

[popcorn202]

Exactly why the EC has asked for a stockholders vote to relect a new BOD.

[ub2]

Nice work! And how do your assumptions change with a new BOD populated with "pro" equity shareholders? Follow the framework of BK law

[Jestiron]

Thank you for that post David West. While I do not like the content of what you are saying, I suspect what you are saying here is true, though I would love confirmation from RRamirez or Mordicai. No offense intended.

I was under the impression that the equity committee have to approve any agreement/settlement for the plan to proceed? From your post, this seems to be a bad assessment on my part.

The analogy helps, but psychologically, our efforts being related to a flat tire or a blown engine suggest that all of the EC efforts would be only an inconvenience to our adversaries rather than a true threat that we believe we are. Is that what you're suggesting here?

Thank you again for your time and sharing your knowledge with us.

-Jest

[kirby96]

Umm, equity in WMB is (was) an asset of WMI. If Solomon shows this asset has (had) significant value, there is a fraudulent conveyance case which is the whole point here.

[DudeBug]

The valuation of WMI by Solomon will not include the Washington Mutual Bank. If it does, they will be in violation of the sanctity of the corporate veil. The only things that the BOD, JPM, FDIC, Creditors, etc, are discussing are the variables of cash in the forms of NOL, taxes, $4B deposit, etc. It is probable (without Solomon’s valuation), that the current BOD of WMI is hiding assets in their valuation (draft POR).


That is just not accurate. What Solomon will do is determine the valuation of all WMI assets (subs, etc.) and also the WMB assets that were taken that WMI should be paid for since WMB was owned by WMI. All of that is part of the litigation filed by WMI during 2009 and Rosen has now elected to dismiss it in this settlement offer so they can manipulate the asset value to keep from paying off the secured creditors for their restructuring purposes. Venable, using Solomon's asset valuation, will show cause to continue the litigation to recover those assets or value as it has been pursued up to this point by Quinn. It will NOT be a violation of the sanctity of the corporate veil. Obviously, WMI had the right to pursue the value of those assets or Judge Walrath would never have allowed the Discovery to begin in the first place.

The JPM adversary filing document details the litigation and assets where the EC has been allowed to intervene. There's much more to it than the $4B and taxes.