Mr Cooper Group Inc (COOP)

[fsshon]

Steve the best thing a settlement for 1.7 Bil commons is like this
JPM will convert WMI common shares to JPM common shares. It is the ratio of conversion that is in dispute.
If converted 1:5 that means we give them 5 shares of our stock for 1 of theirs ( a once in a lifetime opportunity).
We are valued at 10 cents and JPM is $35 that translates to $7PPS.
If we go with 1:5 JPM has to issue 350Mil new shares of common stock to issue shares to us. Not a hard thing for them to do.approx 10% of current O/S of their share structure.
If we go with 1:6 PPS is around $6. JPM needs to issue 300M shares.
1:7 etc..

If we convert anything lower like 1:4 PPS is now near $9 and JPM has to issue 425M new shares

There are preferred shares out there
WAMPQ has approx 3M share O/S face value is 1K with back interest of 7.75% JPM will pay these off. Value is around 3.4Bil
WAMKQ approx 50M shares O/S face value is $25 and JPM will pay these off or attempt to get them converted.
WAMHQ is the leading series and JPM will need to pay them off I do not know # O/S but the face is $50 and they are the #1 to be paid first. This is why they currently trade at $7PPS.

Their are others and of course JPPM will need to pony up some funds to pay off the bondholders (especially the texas ones) and finish up this thing.

Once we have been converted we will be on at least a 60 day restriction from selling and by then JPM will be announcing a new dividend that will make most of us hold a core position.

There you go Steve
GLTY