Mr Cooper Group Inc (COOP)

[dix]

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>SECURITY DESCRIPTION: Washington Mutual Capital Trust 2001, Trust Preferred Income Equity Redeemable Securities (PIERS), issued at $50 per PIERS. The PIERS initially consist of a Washington Mutual Capital Trust 2001 5.375% preferred security, stated liquidation value $50, maturing 7/01/2041, and a warrant to purchase 1.2081 shares of common stock of Washington Mutual Inc. (NYSE: WM) at prices between $32.33 and $50 at any time at the holder's option before 5/03/2041 when the warrants expire. The preferred securities are redeemable at the issuer's option on or after 5/03/2006 at $50 per share plus accrued dividends if the price of the common stock exceeds $49.66 per share. Distributions of 5.375% ($2.6875) per annum are paid quarterly on 2/1, 5/1, 8/1 & 11/1 to the holders of record on the business day prior to the payment date. The company has the right, at any time, to defer interest payments for up to 20 consecutive quarters (see prospectus for details). The trust will use their funds from the sale of the preferred securities to purchase from the company the 5.375% Junior Subordinated Deferrable Interest Debentures. At any time at the holder's option the preferred stock and the warrant may be separated and transferred separately. See the IPO prospectus for further information on the PIERS by clicking on the ‘Link to IPO Prospectus’ provided below.
http://www.quantumonline.com/search.cfm?tickersymbol=WAHUQ&sopt=symbol <

So 75% of $50 would be about a 60% jump from where it is now.
What am I missing? Is there a cap agreement I overlooked?

TIA

Ten