Mr Cooper Group Inc (COOP)

[hotmeat]

Yes it absolutely does. Since commons are the last in priority in terms of payment, ALL old WMI stock (commons + preferred) had to be cancelled.

This allowed for commons and preferred to be paid simultaneously where we were issued NEW Preferred + Common Equity Interests.

The old stock and documents detailing their rights had to be cancelled/voided to allow for the modified 75%/25% split of assets.

If this wasn't done it was possible that old WMI commons could have received nothing since preferred were owed $7.5B, which was not available within the bankruptcy.

That debt would have had to be paid in full before commons saw a cent, so this accommodation was made so all could benefit.