Mr Cooper Group Inc fka COOP

[Donotunderstand]

no


PIERS are Trust Preferred Securities

The Corporate company can call payments to the trust interest and payments to equity or PIERS holders are equity dividends


PIERS were not found to do anything sketchy --- nothing !!!!!!

PIERS are the lowest DEBT in the DEBT Waterfall

In the Prospectus for various debt and PIERS it said - should the debt above PIERS debt not collect full principal and full interest - then any money due to PIERS would be reduced to make up that shortfall

In the POR - debt was assigned a GOV (CH 11) interest rate. Such rate was below the coupon. So the PIERS securities as a group had to make up that delta. That money was taken from the 25 each PAR and took it - I think to about 18 or so PAR --- . So they were capped in all events as they are debt but their CAP was reduced from PAR to PAR minus the interest owed to a bunch of the senior debt. When that was announced their PPS was slammed - and slammed way too hard - and I bought