Replies to post #256004 on Mr Cooper Group Inc (COOP)

[uzualsuzpect]

Page 17 - JPMC with the $10B accepts the plan?

[Islandfisherman]

If you look at page 16 it shows FDIC on ballot 178 with almost $28 billion.

[DudeBug]

From what I can determine based on information from the US courts/bankruptcy info site (see below) it looks like the PIERS did NOT get enough CLAIMS votes to accept the plan since more than one-half of the number of claims rejected it. It was 120 FOR and 127 AGAINST!!

Thanks to all you retail WAHUQ holders that voted against it!!!

Not exactly sure how the Sec 1129(a)(10) works with our case since Rosen also impaired Srs. & Subs., then gave that bogus right to FDIC & JPM to vote on a plan where they have agreed to their settlement & releases!!



http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics/Chapter11.aspx


Under section 1126(c) of the Bankruptcy Code, an entire class of claims is deemed to accept a plan if the plan is accepted by creditors that hold at least two-thirds in amount AND more than one-half in number of the allowed claims in the class.

Under section 1129(a)(10), if there are impaired classes of claims, the court cannot confirm a plan unless it has been accepted by at least one class of non-insiders who hold impaired claims (i.e., claims that are not going to be paid completely or in which some legal, equitable, or contractual right is altered).

Moreover, under section 1126(f), holders of unimpaired claims are deemed to have accepted the plan.

[dragon52]

Interesting entry for JPM ballot #214 page 17...

$10,000,000,000.00 - accept

don't know if anyone saw that... must have it stood out.

[Bizreader]

The more people keep this story simple, the more people will get what is happening.

So, please explain how 10 billion in voting rights are attributed to JP Morgan Bank National Association?

Is the JP Morgan Chase bank conglomerate able to buy and hold stock in WMI?

Does this mean that JP Morgan has been buying stock or did own stock in WMI ?

I would like to get this part of the voting process real clear and simple.

[SlyOne]

I thought I knew this case, the voting is an eye opener.

The Class 2 and 3 combined is $5.6 bil in debt.
The tax refund which is cash! is $5.4 bil.

Add half of $4 bil cash deposit = $7.4 would be WMI assets.
Add all of $4 bil cash deposit = $9.4 would be WMI assets.

I have no clue where the examiner get WMI assets of .9 bil. The tax refund is sitting in a joint acct, but should be in a WMI acct. So, it does not show up in MOR result. They are hiding a huge asset, even though we know it exists.

The book liabilties are $8.1 bil.

What's F wrong with this picture? WEIL claims that there is billions in claims, which keep declining. This makes me sick.
This leaves all of the claims intact. Why is this a good settlement?

In the voting, 81.4% of the voting power is giving to our adversaries FuDIC/JPig. 4.7% of the voting power is giving to WMB Bondholders, where there should a corporate shield. So, a total of 86% dont "belong" in this vote.

This is what JMW approved to happen. So, there is no TH, She F sucks. She could have stopped it.

[SlyOne]

Back to the Voting issue.

FuDIC Voted $28 billion
Jpig Voted $10 billion

FuDIC:

I wrote this back in April, 2010

Ok, this is wrong but good for ballparking.

Guess Work But for starters:
2011E WAMu business $16 billion/ year run rate
2011E WAMu Profit $2.4 billion/ year run rate (15% net profit)
2011E WAMu Profit $.2 billion/ month run rate

Fair value $28 Billion (P/Sales of 1.7)
$28 Billion/1.7 Bill == $16.5

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=48966412

Now JPIG:

Full year
$6 bil in Profits
$6 bil/1.7 share == $3.5

18 Months
$9 Bil in Profits
$9 bil/1.7 share == $5.25

So $12 billion for two years. Maybe reduced for taxes. To $10 billion.

If I can do this, where the hell is PJS.