Mr Cooper Group Inc (COOP)

[AZCowboy]

~ WMIH-Corp Properly Done Old School DD' Can Be Relaxing ~

Yeppers, ... as we' all now watch & wait for ALL of the final, ... "Dual Tracking" Legal Process, ... "Settlement" ... documents to be properly submitted & recorded' ... and' ... as we' watch & wait for Class 17' to be issued their "Receivership Certificates" from the FDIC-C as documented and as attached in Judge Collyer's Opinion, so that the legal process is ABLE TO' move forward and finalize' with the necessary Class 17 "releases" as well ... (I doubt JPMC gets its $645m Admin Expense from the FDIC, which completes the P&AA without ALL of the FDIC needed releases in tact, especially from these WMB Noteholder, Class 17 guys) ...

I thought a few of us would appreciate a revisit to what our good ol' buddies, at the WMIH-Corp and KKR desk' could possibly have planned for as well' ...

So, ... just a bit of a cowboy $1.10 pps (ish') nugget while we wait ... ?

The Series A Convertible Preferreds gave the transactional rights to KKR ... (In My Opinion ? The A's WILL' Convert as Stated)

The Series B Convertible Preferreds gave the transactional rights to WMIH-Corp ... (In My Opinion ? The B's WILL NOT' Convert' and the Funding (both the used & the unused portions') are RETURNED)

So, here is a l@@k at what the new company (WMIH-Corp) says within its OWN' ... WMIH CORP. AMENDED AND RESTATED CERTIFICATE OF INCORPORATION

http://wmih-corp.com/wp-content/uploads/2015/05/AR-Charter.pdf

7. Conversion.

(a) Holder Conversion

(A) Right to Convert. Subject to the provisions of this Section 7 of this Article V, at any time and from time to time on or after the Date of Issuance, any holder of Series A Preferred Stock shall have the right by written election to the Corporation to convert all or any portion of the outstanding Shares held by such holder into an aggregate number of shares of Common Stock as is determined by (i) dividing (x) the Per Share Price plus declared but unpaid dividends on a Share by (y) the Conversion Price in effect immediately prior to such conversion, and then (ii) multiplying the result by the number of Shares (including any fraction of a Share) to be converted. The initial conversion price per Share (the “Conversion Price”) shall be $1.10, subject to adjustment as applicable in accordance with Section 7(f) of this Article V below.

=========================================

If Truly' interested ? Simply take a look' while we' wait ... this isn't a long document, and it's listed right on the WMIH-Corp site for all to access' ... Note' how the company - DOES NOT HAVE TO - use the B's convertible funding' and can simply send out a 20 day notice and return the funds if it' wants to ...

AZ