Mr Cooper Group Inc fka COOP

[thepennyguy]

Wamu CANNOT CANCEL SHARES!
There's no way the reorg plan includes cancelling shares at this time. We don;t know how many assets wamu has. Also the fact that JPM purchased the banking and credit card services (providian) for 1.9B when providian was worth 9B alone. Not to mention the bank
Another thing is that wamu would have to state it would be cancelling shares, and even if that were the case shareholders could dispute that decision (very little power, but none the less available) Shareholders would get a letter that this was the holding company's intention. If wamu cancelled it shares as part of the reorg plan and continued the lawsuits and was awarded anything, it would open itself to many lawsuits.
Why are we assuming preferreds would get paid when its just as easy to convert preferreds to commons instead of cancelling commons, not that thats gonna happen, just a thought.
The bottom line is anything could happen. The best advice is to ignore the pps. Only puchase the shares you can afford to lose....and guess what, all this waiting for SJ or something to happen becomes mute. One day you will wake up to a portfolio filled with Cash, JPM shares, or possibly zero.
GLTYA
go wamu