Replies to post #270281 on Mr Cooper Group Inc (COOP)

[Civil War General]

Wrong, $5Billion NOL's is Market Value,35% of Book

[WithCatz]

I'll see if I can answer what I know.

Catz, may I ask you a stupid questions? Assuming Judge rules PIERs at the same class as Preferred, do we need a list? I mean what PIERs have we have.

The issue with the PIERS was tee-d up by the EC because of the word Equity in the abbreviation of PIERS. They are equity, but equity in the PIERS trust, not equity in WMI directly. It worked well to leave the person on the stand confused, and the confusion made its way into the opinion. But with the latest word from the trustee of the PIERS, it seems that the concern of a merger is unfounded, and the trustee will get it clarified. I feel confident that the PIERS are properly placed in class, and there will be no consolodation of PIERS with preferreds.

Also, like you said before, 5B NOLs is the book value, the market value is probably 1.1B. It leaves Prefs around 10-20% FV and common zero.

THJMW has basicaly said that the NOL must be valued at 2011 values instead of 2010 values. She's left it up to the parties to come forth with how that new pie would be sliced. We can't just magically add 1.1b or whatever to the estate, a new "Plan" must value things, and show how it would be re-devided.

Can EC still go after JPig due to impaired parties? In other words, debtors could give release to JPic and FDIC, is that means EC and debtors are the same, EC couldn't go after them. If so, it's bad. The Judge lets the big fish go, and left small ones. If we caught them, we couldn't do anyting because they don't have deep pockets as JPig.

Releases will have to specify who is being released by whom. Right now, THJMW has stated that she does not have the legal authority to grant certain releases, and that would include third-party releases for which compensation has not been received.