Mr Cooper Group Inc (COOP)

[es1]

I think that is what is confusing people.
There is no 100% for U's.
U's have no cap.

If prior to the fall if they had liquidated P's would have got their face and U's would have got the rest.

The whole 75/25 was so they could get releases.
Supposedly there isn't enough to pay equity.
But they would never get commons to release without something.
And if we were supposed to believe there was not enough then the only way P's would release is if they were not going to be canceled.
So no canceling and U's get 25%
Everyone willing to release.

The problem comes if you believe there is enough to make P's whole.
P's want their face value and interest before U's get anything.
But if it's a windfall the P's want 75% even if it's over the cap.

It can't be both ways.

U's get either what's left after the P's are made whole.
Or P's get 75% uncapped and U's get 25% regardless of if P's are made whole or not.

I believe it's the latter.