Mr Cooper Group Inc (COOP)

[jerrylev]

I am not an expert but I think that after POR 7, equity was replaced by escrow markers and WMIH shares, and therefore (old) equity was extinguished. And so POR 7 only said that the money remaining will be distributed to escrow markers based on their classes. POR 7 does not spell out how much money was left and it can't because it will require some work to inventorize what was not sold to JPM and what was left.

The lowest escrow markers (class 19 and 22) are now in the same class but all future distributions will be given using a 75/25 ratio and it will go all the way to the end.

So walking down the food chain, senior creditors were paid first, followed by PIERS and bond holders, Since they are pretty much paid off, it's now class 19 and 22 in the food chain.

We don't know how much money and assets are left, but the WMIH / NSM deal points out to a large amount of mortgage loans that are ours and JPM was servicing. This is the first merger deal and it points to mortgage loans, but subsequent deal(s) may point out to credit loans for instance.