Replies to post #232943 on Mr Cooper Group Inc (COOP)

[FORTY-8]

To imonvise: I stand corrected. You're right! I've got to now re-think this.

Thanks man.

[WithCatz]

Diamonvise, beat me to it, but here is the quote... happened outside of court, btw... and a big part of what ticked all of us off on 3/12 -- because "after" court is when it was stated how shaky the whole DS/POR was...

from: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a0OKMSB9Hy3E


March 12, 2009 - "The deal, which took a year to negotiate, will become “vapor” if a group of bondholders successfully opposes it, Rosen said after the hearing. " {referring to WMB/Bank bondholders}


...Catz

[DudeBug]

I believe you are right, Dimonvise.

Rosen has always tried to lump the Caymans/REITS (TPS) into the Preferreds group and not go into any discussion about the Cayman's asset value in order to pay TPS or any of the other Cayman investors. Those securities should have a HUGE asset value sitting with JPM that could not only pay off all security holders but add a lot of value to WMI if ALL REITS were returned.

There are a couple of folks (Boston_stocker & Gibson) at Y who have tried to put a value number together on all those and they came up with something over $10B.

SO .. of course, the JPM lawyer doesn't want to disclose the true value of those securities. That is an out right scam on JPM & Weil's part to keep the lid on that deal.


I haven't had a chance to listen to the audio but could the Judge have meant there were other holders of the Cayman's (the other $2.9B Cayman preferred) that might want to ride on the TPS coattails?