Mr Cooper Group Inc (COOP)

[goodietime]

"This is an “absolute priority” scheme, under which dividends on claims are paid pro rata in each class, but no distribution may be made on claims in a lower priority class unless all claims in the higher priority class have been paid in full."

???

I thought Class 12 was not all paid up, even though Class 16 was getting payments?

I believe Class 12 allowed/WANTED this, in order to 'stay in control'.

But it doesn't look like the FDIC even imagined this would happen??