Mr Cooper Group Inc (COOP)

[WithCatz]

voo - a question for you. I'm being serious. I'm trying to understand your position.

Presumption: Accepting your hypothetical for a moment, if Absolute Priority is not going to be maintained in this case. For the purposes of the question, this is assumed to be true.

This is not meant to be a 'trick' question. I'm sincerely asking so I understand what you mean by your hypothetical.


Question: Which of the following (or are all of the following) could happen under your hypothetical.


1) Preferreds get full face value in cash ($1k for P's, $25 for K's) before Commons see a dime.

2) Preferreds get full face value, not necessarily in full cash -- but instead, in some form and/or combination of cash, stock/debt in NewCo, restructured preferreds, etc - again, before Commons see a dime.

3) Preferreds receive partial cash, but lower than their face, in order for commons to see extra cash. (aka, haircut)

4) Preferreds receive partial cash and partial NewCo equity/debt, to the equivalent of face, and commons receive only stock in NewCo

5) Preferreds, at today's level, receive a higher percentage of return than commons do. eg, Preferreds are a better buy today.

6) Preferreds, at today's level, receive a lower percentage of return than commons do. eg, Preferreds are a worse buy today.