Replies to post #223847 on Mr Cooper Group Inc (COOP)

[sunshinevibrations]

I think you're wrong about the parties not being scared of the examiner. If you listened to their arguments today, you could tell that they are very afraid of an examiner. I think they knew that it was highly likely that the judge would order an examiner today. They merely changed their arguments from totally against to "okay, but only if the examiner can't really examine."

I still think that the threat of the examiner will loom large over the heads of the debtors, JPMC and the FDIC over the next weeks.

Today was all good. Don't let the pps manipulation fool you.

[diamondguru-one]

you must be kidding...Mr FDIC..just filled his DEPENDS......they will be on the HOOK for 95% of the CASH.....thanks for coming to the show......

[steel58]

Give you credit, Supra, for livening up the board with your adveserial remarks. If parties didn't want examiner, why didn't they allow it months ago? By now, they could be done, instead of whining that this is a delay and may cost them money.

[rramirez82]

MY THOUGHTS -- SEE BELOW

That's not entirely accurate. The parties were very much afraid of the examiner - they simply moved to "Plan B" and sought to minimize the scope of the examiner's investigation as well as the timeframe through which the examiner could conduct his or her investigation. The reasons they moved to a "Plan B" are pretty obvious. They were well aware of the fact that the EC demonstrated more than enough cause for the appointment of an examiner - so arguing against it would have been a complete waste of time. The attempt to minimize the examiner's scope was made in effort to reduce their exposure to liability. If they could get away with a narrow investigation, the appointment of an examiner could still prove to be significantly cheaper for JPM/FDIC than a very expensive settlement (as the EC is probably demanding). Moreover, by limiting the timeframe of the investigation, the parties can use various tactics to delay the investigation while moving forward with the sham settlement and DS/POR that they're so vigilantly trying to confirm.

Judge Walrath clearly decimated their "Plan B" by allowing a virtually unlimited scope of investigation - including an assesment of the settlement, asset valuation and potential claims against JPM/FDIC - and expanded on the narrow timeframe put forward by our adversaries while clearly stating that the settlement and DS/POR would not be confirmed without the examiner's report. If this isn't enough for everyone to digest, they should be made aware of the fact that Judge Walrath was well within her discretion and jurisdiction to direct the UST to appoint an examiner - and her decision is not appealable. Accordingly, our adversaries have exhausted all of their options and must now weigh the cost of further exposure by the examiner against the cost of a true global settlement that includes equity. Time is not on their side either because based on the timeframe set forth by the court, Judge Walrath wants this resolved expeditiously.

Now we must hope that the UST appoints the best examiner possible. I wouldn't be surprised to find JPM try to buy him or her off in the same way they bought off Rosen and the WMI board. The UST has my utmost confidence - as does Susman, Nelson, Willingham and the EC.

[jpm_sux]

Of course they are afaid of the examiner.

They knew they were fighting a battle they could not win. That is why they spent so much time and effort attempting the limit the scope of the examination.

Believe me, Rosen, Blair, Dimon, et.al. are having a VERY bad day.

On the plus side, when all of the BS is brought to light then Congress and the Justice Department will have no choice but to include the information in their own investigations.

[gophilipgo]

Would you not agree that all parties realized an examiner would be appointed today? I think it's fair to say from their arguments, they all knew it was going to happen. Not one party argued against an examiner, yet they all did so vehemently in previous hearings. Given that it's likely that they knew an examiner appointment was imminent, it makes perfect sense that they would modify their strategy to limit the scope of said examiner, as opposed to outright arguing against an examiner. My hunch is that THJMW basically told them on July 8 that a resolution needs to come or the examiner would be appointed. All parties were clearly prepared for that to happen, based on their actions today. It doesn't mean they are afraid of that outcome; it simply means they aren't going to show that fear. And why would they? You always take your best poker face to court.