Mr Cooper Group Inc (COOP)

[mordicai]

If you read the plan only "Preferred Equity Interests " share in the 75% split. These are the P's that were issued and outstanding as of the date of the bankruptcy filing. The underwriters P's (if any) were issued in 2013 and therefore do not participate in the split. My thinking is since the Capital Trust was still in existence the underwriters were issued P's therefrom as a kind of iou from those trust assets only. Hence I see 72 million is the max the underwriters could receive.


1.170 Preferred Equity Interest: An Equity Interest represented by an issued and outstanding share of preferred stock of WMI prior to or on the Petition Date, including, without limitation, those certain (i) Series K Perpetual Non-Cumulative Floating Rate Preferred Stock, (ii) Series R Non-Cumulative Perpetual Convertible Preferred Stock, and (iii) the REIT Series.

23.1 Treatment of Preferred Equity Interests: Commencing on the Effective Date, and subject to the execution and delivery of a release in accordance with the provisions of Section 41.6 of the Plan, each holder of a Preferred Equity Interest, including, without limitation, each holder of a REIT Series, shall be entitled to receive such holder’s Pro Rata Share of seventy-five percent (75%) of (a) subject to the right of election provided in Sections 6.2(b), 7.2(b), 16.1(b)(ii), 1