Mr Cooper Group Inc (COOP)

[CBA09]

Ref: Thank you for your response. I do have one more question re the Conditional Exchange Event (CEE) that occurred with the TPS Securities. I was of the opinion that they automatically became WMI Securities with the bankruptcy. How does the CEE relate to the highlighted statement below.



PG 59 POR7:


23.2 Cancellation of REIT Series: Notwithstanding the provisions of Section 23.1 hereof, on the Effective Date, all REIT Series shall be deemed extinguished and the certificates and all other documents representing such Equity Interests shall be deemed cancelled and of no force and effect. For the avoidance of doubt, this Section 23.2 shall have no effect on, and shall not result in the extinguishment or cancellation of, the Trust Preferred Securities and, in accordance with the Global Settlement Agreement, JPMC or its designee is the sole legal, equitable and beneficial owner of the Trust Preferred Securities for all purposes.

Comment:
Section 23.2 makes it clear JPMC is the sole legal equitable and beneficial owner.

What is mystery / not clear - how JPMC can reap the benefit of Trust Preferred Securities without being the provider of such funds. It would be highly irregular that such benefits could be JPMC without JPMC providing due compensation.