Mr Cooper Group Inc (COOP)

[Milk Duds]

Yes, and let's say the preferred holders (including TPS) believed there was less than par available to be distributed. Why would they share 25% of that with common? When they didn't have to?

Now let's say they believed there was more than par available to be distributed. Why would they have agreed to let commons survive? They could have held firm, cancelled out commons and gotten all of it.

They let common survive in exchange for removing APR.