Mr Cooper Group Inc (COOP)

[gjw46]

What I'm saying is that as a result of having no facts as to the actual value of the estate the basis for which we cast our votes for releasing is a sliding scale.
If the truth shows a return of up to $10Bil (and this was known by all up front) then positioning commons to receive 25% would be fair and reasonable but only if we cast our releases according to plan 7. I mean, why would preferred do any deal outside of APR unless we had some kind of leverage.
If the truth shows a return greater than $10b (again known by all) why would commons even quibble with preferred about releases or newco stock. Their value is moot given the size of returns from the estate. Bring on APR.
So the 75/25 deal strictly referred to the reorg stock in newco because that's all the equity committee saw as the only return to equity or the split took into consideration estate monies returning to the tune of less than $10B. If returns exceed the $10B by say 2x then preferreds pick up 2x face and "Oh crap...the bet didn't go our way." ...30 seems a bit hyperbolic but needed for your dig to work. LOL.G