Mr Cooper Group Inc (COOP)

[BBANBOB]

TANjaz

(WASHINGTON MUTUAL LOGO)
20,000,000 Depositary Shares Each Representing a 1/40,000th Interest in a Share of Series K Perpetual Non-Cumulative Floating Rate Preferred Stock

We are offering 20,000,000 depositary shares, each representing a 1/40,000th ownership interest in a share of our Series K Perpetual Non-Cumulative Floating Rate Preferred Stock, liquidation preference $1,000,000 per share (equivalent to $25 per depositary share), referred to in this Prospectus Supplement as the “Series K Preferred Stock”. As a holder of depositary shares, you will be entitled to all proportional rights and preferences of the Series K Preferred Stock (including dividend, voting, redemption and liquidation rights). You must exercise such rights through the depositary.
Dividends on the Series K Preferred Stock will be payable quarterly in arrears, when, as and if declared by our board of directors, at a rate per annum equal to the greater of (1) 3-month USD LIBOR for the related dividend period, plus 0.70% or (2) 4.00%. The dividend payment dates will the 15th day of each March, June, September and December, commencing on December 15, 2006, or the next business day if any such day is not a business day.
Dividends on the Series K Preferred Stock will be non-cumulative. If for any reason our board of directors does not declare a dividend on the Series K Preferred Stock for a dividend period, we will have no obligation to pay any dividend for that period, whether or not our board of directors declares dividends on the Series K Preferred Stock for any subsequent dividend period. However, with certain exceptions, if we have not declared, paid or set aside for payment full dividends on the Series K Preferred Stock for a particular dividend period, we may not declare or pay dividends on or redeem or purchase our common stock or other junior securities during the next succeeding dividend period.
We may not redeem the Series K Preferred Stock prior to the dividend payment date in September, 2011. On and after that date, we may, at our option, redeem the Series K Preferred Stock in whole or in part at any time, or from time to time, at a price of $1,000,000 per share (equivalent to $25 per depositary share) plus any declared and unpaid dividends. The Series K Preferred Stock has no stated maturity, is not subject to any sinking fund and will remain outstanding indefinitely unless REDEEMED. The Series K Preferred Stock will not have any voting rights except as described under “Description of Series K Preferred Stock— Voting Rights” on page S-18.
Investing in the depositary shares involves risks. See “Risk Factors” beginning on page S-7 of this prospectus supplement for a discussion of some of the risks you should consider before buying the depositary shares.
The depositary shares have been approved for listing on the New York Stock Exchange under the symbol “WM PrK”, subject to official notice of issuance. Trading is expected to begin within 30 days of September 18, 2006, the original issue date.
The Series K Preferred Stock and the depositary shares are not savings accounts, deposits or other obligations of any savings bank subsidiary of Washington Mutual and are not insured by the FDIC or any other government agency.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.


https://www.sec.gov/Archives/edgar/data/933136/000095012406005225/v23402b5e424b5.htm


If any will notice it plainly states the ""K;s"" can be

(including dividend, voting, redemption and liquidation rights)

SO they can be redeemed OR LIQUIDATED


So for those indicating they WILL be LIQUIDATED must be missing that they can ALSO be redeemed, I will say THEY CAN BE either redeemed or PAID OFF in cash, but again it is at the DISCRETION of the company.

NO COMPANY uses their cash when they can issue new preferreds for those and they CAN BE REDEEMED