Replies to post #242711 on Mr Cooper Group Inc (COOP)

[mattchew]

Only the EC objected, so how could she not approve the DS?

[MasterBlastr]

lmfbo . . . if she did not approve the hearing for the DS it would cost us more time. The DS in place paves the way for a *possible* settlement sooner.

[STRIKEEAGLE]

tdmd... can I infer from your comments that you feel Susman is dumb as well? That would be contrary to what many in the legal profession think and contrary to what Susman thinks about THJMW.

Second guessing THJMW by anyone and being overly critical without knowing all of the reasons why as in this latest example of her approving the DS, is in my mind, not accurate nor fair.

Who agreed to the appointment of the EC?.... THJMW

Who agreed to the appointment of the Examiner?.... THJMW

I would like to see anyone on this board, the Y board or anywhere else do a better job so far than she has done... and I am not talking about having the hind sight to do otherwise. She was fed BS by BR for many months.

I stand behind Susman's comment about THJMW... "absolutely".

I am really looking forward to seeing how many who bash her now come back with an updated opinion when this is all finished. I respect everyone's opinion... but unless you can really explain why she should not have approved the DS... it is just an opinion like mine. The difference is, I at least backed mine up by a face to face conversation I had with Susman in court.


AIMHO

[fsshon]

Agreed, but in respect of the law, the objectors were all proven to be confirmation issues, so she had to approve this DS in her mind anyway.

[tularay]

Johnny Winter hasn't shown up to rant in our face about the DS 'victory' (which is slightly befuddling and worries me) so I'll play devil's advocate today to hopefully clear up doubts about our WAMU trial in layman terms.

A lot of people use Bear Sterns as an example of how JPMorgan can settle in our WAMU proceedings (myself included). However, when JPMorgan offered $2pps, Bear Stearns shareholders opted to block the merger, so Bear Stearns executives urged James Dimon to settle at a higher price to avoid costly BK proceedings and because they felt they were in financial trouble. So Dimon hesitantly settled at $10pps. But this was PRIOR to going into bankruptcy proceedings.
http://money.cnn.com/2008/05/02/news/companies/bear_stearns.fortune/

Now compare with another bankruptcy proceeding, Lehman Brothers, which had +$600Billion in assets, where shareholders proceeded into BK and felt JPM robbed them of $8Billion in collateral due to insider information prior to the announcement of Lehman's failure. So an examiner was appointed and the examiner report released in March of 2010 found no wrongdoing and that in fact Lehman had been fudging their balance sheets. The examiner was excused from the case. Now the trial is going into litigation which probably won't be till 2012. LEHMQ now trades at $0.053 down from $0.16 before the examiner's report was released in March (WAMU is at $0.17 prior to examiner report)
http://uk.reuters.com/article/idUKN1325935920100713
http://lehmanreport.jenner.com/

Eerily similar to our WAMU case, and guess who was acting on behalf of the debtors? Yup, Weasel, Gotcha and Mangle. There is no asset valuation (as far as I can tell) in this POR either (but I'm no genius so I could be wrong).
http://www.scribd.com/doc/28423136/Lehman-s-Chapter-11-Reorganization-Plan

I know there's myriad arguments that raise a red flag such as the seized overnight on a Thursday on WAMU's 119th anniversary, Hank Paulson "you should've sold to JPMorgan when you had the chance-we're not adding you to the Do Not Short list", JPMorgan offered $8pps to buy WAMU prior to the seizure, +2000 branches, $3.7B in cash, etc, etc.

So how do we know for certain that WAMU's executives weren't fudging THEIR balance sheets like Lehman's? I know examiner report will reveal the truth but hey look at what happened with Lehman. Sorry if this is a stupid post, I'm an engineer not a financial guru and I just want to help clear any doubts that this isn't just another Lehman and is in fact a unique BK case.