Mr Cooper Group Inc (COOP)

[Countyroads]

If less than face value comes back then preferreds will be upset that they had to share what was left with commons....and common holders will be happy to have even been been included.

If slightly more than face comes back to preferreds everyone will be happy as it's worked out good for all.

But if way more than face comes back, preferred will be extremely excited to have received a lot more than face value and common will be pissed they had to share the excess with preferred.