Mr Cooper Group Inc (COOP)

[mwd44]

Hotmeat-The only part of your analysis I disagree with os where you said BR cheaply sod the assets. I say, the Settlement Note Holders sold the assets. Since assets were less than liabilities, the creditors were in charge. Rosen was taking orders from them. The waterfall was designed to end with class 16 being impaired.

Following mediation, equity was in charge. Rosen was then taking orders from equity. With the same amount of assets, BR was able to satisfied all classes ahead of equity. BR did what the client asked him to do in both cases.