Mr Cooper Group Inc (COOP)

[Donotunderstand]

Large Green

You also note

You were never guaranteed 10.52 per share

I agree. Now tell me what about the below is wrong.

At the close of the original rounds of argument and the establishemnt of the POR there were two actions: (not exact in legal terms but a good way to think of it)

A. "Creation" of NEWCO or WMIH. This action was unusual in that ownership shares in WMIH were distributed to equity holders. That was the deal. Equity would get something called NEWCO or WMIH. WMIH was "assigned" a defined and set amount of assets (NOLs and cash of x and ability to borrow of y)

B. "Creation of the WMILT". WMILT was to get ALL REMAINING assets of the OLDCO to pay down a waterfall of debt that is followed by equity claims (the escrows). Any and all assets not distributed to WMIH at the time of its initial creation are part of OLDCO and move down the waterfall. Such assets would include any further deals Sussman made in a dark closet. If such deals were made beyond WMIH then such deal money is OLDCO and must move down the waterfall.

So Piers are not promised 10.50 plus accrued. But they were assigned to a higher tranche then the escrows.

Higher (lower number) tranches are paid in full before being closed

Escrow is in that flow of the WMILT waterfal. It is WMIH that scooted that order and was established with proscribed contents. WMIH will not see any more money from OLDCO. Esecows - which are in the OLDCO waterall will see money only after all tranches above are paid in full.