Mr Cooper Group Inc fka COOP

[Jestiron]

I don't know if you saw this link or not to the letter to shareholders specifically talking about the approval to convert TPGs preferred Series S and Series T into commons. This is what caused the O/S to increase from just over (1) billion shares to (1.6) billion shares. This document is a very good read! They DO give an explanation as to WHY they did it...

Question: Why is our Board of Directors recommending approval of the proposals?

.....Accordingly, our Board of Directors recommends that shareholders vote “FOR” the proposals so that the Preferred Stock will convert automatically into shares of common stock, thereby strengthening our common equity base as planned. In addition, as described below, if the Shareholder Approvals are not received by June 30, 2008, the dividend rate on the Preferred Stock will increase substantially and the price at which the Preferred Stock is convertible into, and the Warrants are exercisable for, common stock will decrease significantly. These adjustments would be disadvantageous to the Company and our existing shareholders.

http://www.sec.gov/Archives/edgar/data/933136/000095013408006727/v39872prpre14a.htm

Good Luck to us all!
Jestir