Mr Cooper Group Inc (COOP)

[ptolomeo]

Well, actually they are not the same. TPS debt (4$ billion) was backed up by a greater value assets (i.e. 10$ billion) that JPM of course 'cherry picked' for themselves without getting the 'liabilities' (=TPS debt). We have to thank FDIC once more for that.

Meanwhile the Court stated that they are 'pari passu' which means they have the same priority than preferreds Ps and Ks. But they are not the same and that's what TPS is appealing.

If they win, there are different scenarios:

1.- TPS debt asumed by JPM (that should be the one) so preferred pool gets smaller and commons would see the money sooner.
2.- TPS get rated as a higher rank class before preferreds, then preferreds wouldn't see a cent until TPS are paid in full
3.- TPS get as they are.