Replies to post #355959 on Mr Cooper Group Inc (COOP)

[rockie101]

marayatano...check those people's bank accounts...probably find the answers...lol

[fsshon]

I wonder what it was? Because I have thought the same thing, but Mike Willingham can be easily overridden by the other 2 on the EC. So those 2 other members who hold preferreds must have understood that the EC was in a position to get something or end up with nothing.

We know the EC had a "colorable" claim of IT against the SNH's, but with their deep pockets, they would have appealed any disgorgement or disallowance verdict by THJMW. What the EC said in its Q&A, the litigation morass would have harmed the potential of recovery, not helped it, anyone with a brain can see that this Judge is quickly losing patience in this case. She has said the GSA is done, until it is appealed and that is exactly what Judge Collyer meant when she said the following..

("It
isn't seemly for me to proceed and decide something different from Judge Walrath when you
have her on appeal. Get her reversed or live with it.")

We have to remember the GSA also dismisses the appeals (Litigation Morass)

Appeals by the FDIC-Receiver and by JPMC from orders of the Bankruptcy
Court denying the parties' motions to stay or dismiss two adversary proceedings,
which appeals have been consolidated under the caption JP Morgan Chase Bank,
NA. v. Washington Mutual, Inc., et aI., Cons. C.A. No. 1:09-cv-0615 (GMS);
3. The FDIC-Receiver's motion pursuant to 28 U.S.C. § 158(d)(2) to certify the
Bankruptcy Court orders at issue for direct appeal to the United States Court of
Appeals for the Third Circuit; and
4. Motions by JPMC and the FDIC-Receiver, in the alternative, for leave to appeal
from the orders.

Even though we think we can win on appeal of the F&R, the debtors (who are in charge) do not want to pursue in this venue such orders. Now you have got to think about the future and who are the 3rd parties the lawyers are currently drawing up claims against? Now, if we did not get the company and the full control of the equity interests, then we could not legally bring any lawsuits via the Liquidation/Litigation Trust in this case. We have representation on the Liquidation Trust and Control of the Litigation Trust (sit down and think about that for a minute) Yes, it is MW, but who else has been on this case since the EC started? Who deserves to be on these Boards? Who? Mike Willingham has been working on this thing from the start. He does deserve to be on these boards, if you were the one woprking on this case like he and others hsve, then you would be on these boards and I for one would not have a problem with you taking time out of your busy day and family, to represent us all.. And I would approve of you receiving compensation for your contributions to our surival and recovery. No one can and will do this for free, they have jobs and in MW's case, this will be his job and he should be compensated. I agree that the appt of the Retired Judge is a good move, he will be a great asset to us all.. SO RELAX!

One thing you have got to think about, the burn rate is currently 30M a month, this Judge is currently getting concerned with this because once the Juniors (Piers) recvoery is eaten up, it has to go up the ladder into the Seniors and that is when "Equity will be assured to get nothing!" Once the Seniors get control via the attrition rate, then they retain the 3rd party lawsuits and recovery of such..We lose all the potential we currently have and then your petition to remove the EC cahir will be moot and a complete waste of time as it currently is.. Yeah, you wanna pick a fight and pit equity holders against each other, well let's rumble.

It may have taken 1 year to go after the SNH's, she may have ruled in our favor, but it would not have been 3Billion, it would have been legally what we could have sued for.. What TPS is forgetting ( on purpose so they can get equity to vote in their favor) is some of the money that was invested in the WMI BK was Public Pension Fund money and that is subject to set-off from this bankruptcy court touching it, under ERISA which prevent this court from seizing any of the funds that were invested in this BK from any public pension funds... "You do know this right?

Let's say the Hedge funds invested 3 Billion together in this BK... So, by no fault of my own they took some of the money my 401K had invested in their fund and put it in WMI bonds or notes. Let's say through the EC discovery process they found that 75% of the total 3 Billion invested in WMI notes were from regular pension funds, not the firms money.. So in essence 2.25B of the money was set-off from seizure by this court.. That means that only 750M was actually subject to seizure..the Disgorgement "may" have worked, but what was that number? At the expense of equity, the SNH's alledgely traded on insider info and hurt the regular investors recovery in WMI stocks, that can most likely be proven, but the final decision by this court would have been subject to appeal, which would have eaten more funds from the estate adn who would have paid the attorney fees (they don't work for free). The debtors would have eventually put forth a POR that did not include equity, but put it on a dual-track and she would have been forced to confirm a Senior Plan that put equity recovery into its own class and "out of WMI2 completely." and looking for Attorney funds to cover the appeals and essential servies of the set-off fund.

Yes, our hand was forced and yes, we mediated into the control of the company, but what are the benefits of having this company? Instead of being stuck in BK for another year or two? Yes, you are upset and yes, it is not the best we feel we can do, but these debtors have played a hand and pushed this thing into fund depletion that has gotten the eye of this court. She eventually would have had to allow the initial jettisioning of equity. I firmly believe this is a good deal, only because the future did not hold much promise for equity holders of all classes. Look at her decision on TPS and DIME, she is not playing around, she has the power of the robe and she set this up, you must take it or force her to issue an opinion in the future that kills equities recovery..

One must "READ THE WRITING ON THE WALL!" If you do not like this deal, you have plenty of time to sell your shares and get out..Me.. I am going to do what i have said I was going to do for well over 6 months now, I am going to ride this new company into the future and see where it leads.. I know it really is a dark road, but I expect the new BOD and LT's shine the light so I can see where I am wheeling..

Me.. I will vote yes, you can elect to not give releases and sue everyone and their mother, but once you really look at the alternative in a clear mind, you can see the road ahead for the EC was not a good one, they clearly had no choice.. Go study the ERISA protection and then ask the EC how much of the SNH investment in this BK was from ERISA protected funds? Then you will see the light ahead.. Look, it is a shiaty deal, but it nevertheless is a deal and it gives us the new company, with more money than we would have had in 1 year more in BK, with NOL's that have absolute concrete value. These Hedge Fund guys are smart, they knew how much of the funds were subject to disallowance and they also know that if they delcared BK becuase this court ruled against them, the recovery of funds for us would have been subject to that BK court "pennies on the dollar." Appaloosa was going to fight this thing all the way to the supreme court, because they said "they never traded on IT" if they were right and they were the largest investor in WMI securities, then they alone had enough deep pockets to protect their firm and NAME!

So, yes, this deal is not what we wanted, but it is the company and whatever lies under the floor in the new building we are going into, so get a hammer and find out for us! Quit your griping and going after MW, it is what it is, so relax and try to simmer down and read the DS. For some reason, this debtor is going to work with the new company in suing the 3rd parties. See, if you can wrap you head around that one..

~Don~