Replies to post #346240 on Mr Cooper Group Inc (COOP)

[garyhalvo]

i would say yes. one hour ago from her.

Ilene Slatko

The U.S. Bankruptcy Court approved Washington Mutual's motion, pursuant to Sections 105(a) and 363 of the Bankruptcy Code, (I) authorizing Washington Mutual to surrender and terminate certain insurance policies and (II) authorizing Pacific Life to distribute the policy proceeds. According to the motion, the Company's decision to exercise its ownership rights, prospective or otherwise, under the Policies at this time is an exercise of sound business judgment, is undertaken in good faith, and is in the best interests of WMI's estates and creditors. Surrendering the Policies will lead to monetization of approximately $3 million, ensuring that such funds are readily available to distribution to WMI's creditors upon confirmation of a chapter 11 plan."