Mr Cooper Group Inc (COOP)

[distrojunky]

PM,

Please review my notes below. If you have questions, please refer to the line number.

Facts:
1. Preferred/Common Split: 75%/25%
2. Approximately 1.1B shares of WMI Common signed releases
3. Approximately (3 + 0.5 + 4) $7.5B Preferred face value

4. Assume - Potential Value to WMILT: $10B

5. Per split, $7.5B to Preferred, and $2.5B to Common

6. So for $10B, Preferred get face value and Common get approximately (2.5 / 1.1) $2.27 per share.

7. Same process for any amount to WMILT: say $100MM

8. Preferred get (100MM / 10B) 10% of face

9. Common get 10% of result from #6 (2.27 * .10) $0.227 per share.

10. Same process for any amount to WMILT: say $40B

11. Preferred get (40B / 10B) 400% of face

12. Common get 400% of result from #6 (2.27 * 4.00) $9.09 per share.

distro.