Replies to post #351717 on Mr Cooper Group Inc (COOP)

[uzualsuzpect]

That is interesting. I never saw that doc before.

[fsshon]

Cat.. What this proves and we've had a conversation about the same, is Willingham is a professional Equity Committee "sitter" and likes to be in the leadership role when he is appointed. The perks that come with sitting on an EC is later realized when he becomes part of the Liquidation Trust and gets paid to do so..

It is not illegal, it may be highly suspect as we discussed awhile ago, but it is how he does business. Making milliions liquidating WMI is much better than a measely 1M shares. This is his MODUS OPERANDI..

Thanks for posting this...

~Don~

[Lawrence 147]

Sure does explain why the claims were dropped; the guy on the EC with a million shares never intended to make his money from the shares, he bought his self a great paying part time job.

[analyzer]

http://www.kccllc.net/documents/0845664/0845664090824000000000014.pdf

The last numbers in the pdf
090824000000000014

tells that it was the 14th document (last two digits 14) and was recorded on 24-Aug-2009 ...(read this backwards
090824)

So recording and publishing...I'm not sure how KCC handles that.

[russian roullette]

Good post. That is why we need to stop him from getting appointed to the Board and Litigation Trustee by writing to the Trustee or even directly to the Judge, blantant conflict of interest. We will never know the whole story if there was an ulterior motivation. No wonder he wanted a quick confirmation and was pleased with the final deal. Now lot of posters in the board who hitched their wagon to EC chair because he bought only Common are finding out it was his ticket to the EC Committee. We have been hoodwinked by all parties.

[jackfburns]

This section of that document is remarkable:

6. After the Court approved a plan in Mirant, Willingham was appointed as the equity

committee’s representative on the board of Mirant Corporation Asset Recovery, LLC (MCAR).

For serving on the board, the MCAR pays him:

a. $25,000 per annum;

b. $1,500 a board meeting;

c. $20,000 a month; and

d. Up to one percent of litigation proceeds.

Willingham Deposition, 19:11-21. The MCAR provided between one quarter and one third of

Willingham’s 2008 income. Willingham Deposition, 20:9-15.

Putting one's self on a BOD post-confirmation, with this kind of remuneration, reeks of conflict-of-interest. Gibson over at Y has posted some persuasive arguments regarding this that I suggest everyone read.

I'm not one to jump on bandwagons... and I want to accord MW the benefit of the doubt... but in light of this settlement, the EC's relative lack of transparency, and TPS' arguments, let's just say I'm now highly suspicious of MW and his motives.

Jack