Mr Cooper Group Inc (COOP)

[ptolomeo]

, and leaves the existing shareholders with the reorganized company valued at $160M sans the NOL's, commons would be worth ($160M / 1.7B shares) = 9.4 cents. This I see as the titanium floor for WAMUQ going forward. Or course the NOL's increases the value into multi dollars a share if the new company plays its cards right.

I think you didnt get the $160M number correctly.

SNH give control of the new WMI (WMMRC) to Equity BUT they get $160M in some debt instrument (probably WMMRC preferreds).

So, whatever value surpasses $160M belongs to equity.

If WMMRC value is $200M, then $160M is for SNHs and $40M for Equity.

If WMMRC value is $1 billion then $160M is for SNHs and $840M for Equity.

So your valuation is not true (unless you know WMMRC value is $320M, $160M for SNHs and $160M for Equity.