Mr Cooper Group Inc (COOP)

[jjflash49]

related to the TPS exchange event...correct me if i'm wrong....

The "exchange event" occurred and exchanged the preferred into depositary shares representing the J,I, L, M and N the Perpetual Non-Cumulative Preferred Stock of WMI. Correct?

We know that the Wilmington Trust Company was the trustee and in fact was performing it's tasks during the bankruptcy. How do I know this? WTC filed with the BK court for customary fees a couple of times with the last hearing in feb 2012. So, the stuff was there and needed the courts approval to get paid while servicing the trusts. Am I correct so far?


Now in looking at the dividend distribution mechanism. These are non-cumulative and states that " dividends shall be payable in arrears on March 15, June 15, September 15 and December 15 of each year commencing on the first such day after the issuance of the Series Preferred Stock (each, a “Dividend Payment Date”)." Two questions come up here....one is that dividends have to be declared by the Board of directors, so who is in this role now? and two; some quarters may not be declared and even partial dividends are no rewarded (non-cumulative). Could it be that no dividends have been declared while in safe harbor, I think no, but we have no insight into if they are being accrued?


Also, if dividends are to be paid, aren't we looking at the dates above?