Mr Cooper Group Inc fka COOP

[jaysenese]

Hotmeat, it seems meaningful to me that an instrument that was paying dividends has been exchanged for an instrument that does not.

If it was voluntary, then that signals optimism that COOP common stock will perform better than the interest rate that was being earned previously.
Perhaps the conversion was mandatory and not voluntary? Remember the Series A terms said that conversion to common was mandatory if Wand Holdings sold them to someone else.

Remember the 'price fixing' trading of December 30-31, and the appointment of a new BOD member to Wand Holdings on December 26-30.

Link: Jeffrey Livingston SEC filing

WMIH Series A preferred stock. At the option of Wand Holdings or automatically upon transfer to a non-affiliated party of Wand Holdings, each share of WMIH Series A preferred stock is convertible into a number of shares of WMIH common stock as is determined by (i) dividing (x) the per share price ($11.072192) plus declared but unpaid dividends on the share of WMIH Series A preferred stock by (y) the conversion price (initially $1.10) and then (ii) multiplying the result by the number of shares of WMIH Series A preferred stock to be converted.