Replies to post #291794 on Mr Cooper Group Inc (COOP)

[fsshon]

I'm with ya William I just pinched myself too!
OW!

I guess it is not a dream that the SNH's are willing to give the reorganized shell 100M in exit financing and allow 25M to be put in to a litigation trust for the benefit of the shareholders. For a minute I thought they were going to make the LT into a tradeabel entity so it could retain the NOL's. But then I saw the 100M in exit and went HUM!

I am still flabbergasted, but looks like Rosen is changing sides.

I would rather Pay Susman $1100 per hour than Rosen $800 per hour anyday..Now that would indicate that Equity now has control of the estate? HUM!


Rosen You're Fired !!!! :-)

[SAPer]

After months(years for most) of hanging around it is hard to think this is happening. But you and others have been speculating to the positive side of things. Again, from SG and crew we have come to expect silence as not to tip their hand. There are still a negotiations happening and will happen as we go further.

I would expect SG to continue to be silent until there are signed docs from all parties and the Judge has slammed the gavel.

[jackfburns]

Hello William! A lot of posts to get through today, but I always read the posts of those that I "follow", and noticed my name in this post of yours.

Yes, I am as cynical as you (and I've been accused of being too cynical - ha!) I remained on the board's sidelines after JMW screwed up the last confirmation opinion, always reading what you, Don, Catz, and many other fine posters here write, trying to run it through my "cynic's filter". Two recent developments that made it through thaty filter were the numerous repeated depo postponements and missed objection deadlines. Those were a tell SG was in the driver's seat.

As I've stated over the past few days, what has me most excited is Nate Thoma's allusions to CDS improprieties of some insiders. This is a stealth bomber, flying low and quiet, unrecognized and underappreciated, ready to blow this thing even more wide open. And I think it will be a major reason JPM will be compelled to play ball and throw money equity's way (in return for releases, of course.) The CDS market is shadowy and unregulated - the only way to know what positions were taken and when would be if a court ordered the production of those docs. That is what Thoma is threatening.

(Imagine the potential blowback of any news that shows JPM profited to the tune of tens of billion of dollars by betting against WAMU with credit default swaps after they acquired info on the bank during their due diligence between March and September 2008! Not sure Obama's favorite banker can withstand that one...)

I spoke with my attorney colleague today... and while he and I are ecstatic that it now appears equity will not be wiped out, it's just too soon to really comment, as the full details of the settlement are not yet known. As we move forward and get more info, I'll continue to share his thoughts.

(As you'll recall from my posts from a few days ago, my friend's experience negotiating intellectual property cases led him to believe that SG's missed deadline was not due to incompetence, but rather was a sign that a term sheet of a settlement was in place. Today, my friend's inclinations were proven right, happily.)

GLTY.

-Jack

[Milk Duds]

Will, I was away from the PC, so I was shocked when I finally heard about today's gains.

After learning about the plan for equity to have control of the new WaMu (WMMRC), I have to say, I was stunned. Not because I didn't expect a positive outcome, because I'm sure you know I did, but because the news was released during trading hours seemingly out of the blue.

I strongly believe that this news was purposely released to compel JPM and the FDIC to up their offer.

We all expected a new "Global settlement" including JPM and the FDIC. I think that negotiations were heading that way, but the offer (from JPM/FDIC) was not to the EC's liking.

So what would you do if your adversary isn't offering enough in a settlement? First step: Publicize that you will be suing them. Second step: Take them to court.

From all indications, we (equity) are now partners with the hedge funds. The hedge funds are even supplying the funds to re-start the litigation against FDIC/JPM.

It boils down to this: Previously the hedge funds were siding with JPM/FDIC, and so they didn't want any good news--that is, good for shareholders--publicized. Now the hedge funds are siding with equity. They now want good news for equity to be publicized. It puts more pressure on JPM/FDIC to up their offer. The news leak increases the pps of all WaMu stock, so that JPM/FDIC can't say their offer is acceptable compared to the current pps.

Edit: I think we are about to break through the previous highs we enjoyed in January 2010. If you recall, that was when the news leaked that a POR was coming, but before we learned the POR would wipe equity.

Well, we are right back to that point again! But this time equity will not be wiped, and we can sue the hell out of our adversaries!

[tdmd]

BR put out his press release as a likely signal for his hedge fund buddies that this thing is gonna get ugly for the crooks soon. There is no way equity will get the shaft. folks are scared of going to jail. plus the IT, if shown and proven, will bring a hedge fund down with instantaneous client withdrawls. and if the SNH are going down, they're dragging others into the mess including JPMC. You remember one of the lawyers saying "but we weren't the only ones doing it" or something to that effect. There is no honor among thieves!

Also, remember PJS showed their cards. And with hard cold facts and numbers, Blackstone and BR must be dirtying their undergarments.

There is no stopping this train unless JPMC and the FDIC get involved as they are the only ones with enough power. Do I have to remind you:

bogus claims from JPMC and FDIC
piercing of corporate veil from WMB noteholders
NOLs NOLs NOLs
potential fee clawbacks
nonlisted subsidiaries and illegal transfer of assets
RELEASES RELEASES RELEASES

just to name a few....

that $7k you made today, u'll look back and laugh at such a small amount that made you forget about the fundamentals of this case. the releases will be paid for, otherwise, people will go to jail or will have to pay even more down the road.

AIMO, and GL to us all.