pm1012244448, to figure this out accurately, one has to understand that on 3/19/2012 there was a conversion of former preferred and common shares along with an ownership change with investors who signed timely releases by 3/2012.
I will provide the numbers from Edgar Sargent of SG law firm below. Notice, there are multiple steps now to get to the actual shares one had that signed releases. Remember, your markers show exactly the type of equity the investor-owned along with the exact amount of shares one owned.
The number and type of your markers will not change but due to the conversion of shares and then a 12 to 1 Reverse Split, the actual amount of shares you now have actually changed twice, once with the conversion and then once with the Reverse Split.
1) On the Effective Date of 3/19/2012, there was a conversion of shares that converted all former (Both) preferred and common shares with the 75/25 math formula that resulted in about 209 million NewCo/WMIH Shares outstanding now COOP shares.
2) On October 09, 2018 a 12-1 Reverse Split was approved by shareholders so if an investor had 12 NewCo/WMIH shares now COOP, you would now have one share of COOP
The following are figures from SG’s Edgar Sargent concerning investors who signed timely releases. The math formula that treated former preferred WAMKQ ($25.00 Face Value) and preferred $1,000.00 Face Value) as one preferred under the 75/25 math formula and of course common stock never has a Face Value.
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142,500,000 (75% of 190,000,000) are distributed to holders of preferred securities as well as claims subordinated to the level of preferred. Total disputed claims at the preferred level are $106,514,585.09. For those claims, 2,109,051 shares are reserved. The remaining 140,390,949 are distributed evenly by liquidation preference across the $7.5 billion of preferred shares. However, while the TPS are denominated in 1,000s, the Series K has a face amount per share of $25.
For the TPS, 3,729,658.260 shares provided releases and will receive 73,849,406 shares or 19.80058 new shares per old share. This share count is after giving effect to the mandatory exchange.
For Series R, 2,906,421 shares provided releases and will receive 57,548,829 or 19.8005825 new shares per old share.
For Series K, 18,166,565 shares provided releases and will receive 8,992,714 shares or 0.4950146 new shares per old share.
For the common shareholders, they are receiving 47,500,000 shares of which 4,165,750 shares go to the Dime Warrant holders, 2,631,933 shares are reserved for disputed equity claims, 693,806 shares will be distributed to Principal Financial on account of their claims and existing common will get 40,008,511 shares.
For each share of existing common granting releases in the total amount of 1,194,340,178 shares, they will receive 0.03349842 shares.