Replies to post #348788 on Mr Cooper Group Inc (COOP)

[uzualsuzpect]

That would be the current plan. We are expecting v7 Monday.

(Reuters) - Washington Mutual Inc hopes to resolve its three-year bankruptcy in February and may file an agreement stemming from ongoing mediation as soon as Monday, the company's attorney said on Thursday.

After rejecting in September Washington Mutual's second attempt to end its bankruptcy, the judge overseeing the case ordered the parties into mediation to resolve objections.

Washington Mutual attorney Brian Rosen said mediation continued "nonstop" and he said it was possible the company might file an update on the talks on Monday.

Rosen asked the bankruptcy judge, Mary Walrath, to set aside January 11 for a disclosure statement hearing, which reviews documents that creditors will use to guide their vote to approve or reject a plan of reorganization.

He said it might be possible to hold a February hearing to confirm the plan, which sets out how the company will repay about $7 billion to creditors.

Washington Mutual has languished in Chapter 11 bankruptcy since regulators seized its savings and loan in September 2008 in the biggest bank failure in U.S. history.

The Washington Mutual banking business was sold to JPMorgan Chase & Co immediately after being seized.

In September, Walrath rejected the company's second attempt to end its bankruptcy. She also found that shareholders might have a claim that four hedge funds that negotiated Washington Mutual's plan used information from the plan talks to profit on trades of the company's securities.

However, Walrath did not allow shareholders to pursue those insider trading claims pending mediation.

Washington Mutual's bankruptcy plan is unlikely to provide anything for the company's shareholders.

The company's common stock was down about 1.4 percent at 6.3 cents in pink sheet trading.

The case is In re Washington Mutual, U.S. Bankruptcy Court, District of Delaware, No. 08-12229.

(Reporting by Tom Hals, editing by Matthew Lewis)

http://www.reuters.com/article/2011/12/08/us-washingtonmutual-idUSTRE7B71MP20111208

[vodkadejour]

Austin, that statement is referring to the plan that is in place, as of this very second, not whatever is being worked on currently to replace that plan.

[garyhalvo]

you forgot the first part.

However, Walrath did not allow shareholders to pursue those insider trading claims pending mediation.

BECAUSE WE DON'T NEED TO!!!

Washington Mutual's bankruptcy plan is unlikely to provide anything for the company's shareholders.

[Polemarchos_Megas]

that statement is a WAG. the report just reiterates what we hear for 3 years now.

In may the settlement announcement drove commons to 0.16. That was before we had colorable claims acknowledged and the SNHs prosecution motion granted/stayed.

It is illogical to expect a lower offer than the may offer. It is not impossible, but illogical since disgorgement/disallowance is in play now, gun powder we didnt have in may.

forget reuters they are not into the case as people here are. In most of the time those news are just one new sentence, while the rest is copy&paste out of old news.

Peg claimed today that 7 billion prefs will fight tooth and nail to keep commons from reaching anything before they are satisfied. It does not even address the difference between TPS and Prefs, that probably TPS denied the last deal, that DIME is still out there etc... What i want to say is dont take Reuters or any other news serious unless it really adresses the complexity of the issues at state here. The rest is dust in one's eyes...