Mr Cooper Group Inc (COOP)

[Boris the Spider]

Escrows could be converted to LTIs at any time now.

This is how it might happen. Escrows will be converted via a formula, and the LTIs will be the vehicle for disbursements into those accounts. It will be a continual revenue stream as cash assets are confirmed and illiquid assets are liquidated.

There could be, say $10B in cash that would go into accounts immediately, then the balance, say $20-130B would flow into accounts as dividends/payments, perhaps quarterly. This could take years to complete as csny and others have speculated.

All in all it could be a tremendous revenue stream for escrow owners. Is it a slam dunk? NO. But it looks more and more likely as things unfold. As WAMU escrow holders receive funds, I contend that a great number of those investors will buy more shares in WMIH since it's part "their" company, which will create an exponential rise in share price and company value.

KKR, CITI, and Blackstone aren't here so they can all go out and have a beer together.