Mr Cooper Group Inc (COOP)

[never-again]

Why would you think preferreds should get control, meaning 51%, or more of the new co. Just by definition, preferred shareholders had no rights to vote at shareholder meetings. They are offered, dividends contracts and maturity dates along with preferred status, meaning paid first, should a liquidation event occur. This isn't a liquidation, APR DOESNT mean squat in a settlement. The judge will need to follow it if she is forced to calculate a distribution but she can't figure out if she needs to scratch her watch or wind her ass. Even then it isn't so very absolute.

The commons do not have separate representation, the preferred do not have separate representation, and in fact, neither have any representation at all. SG is representing the EC, those individuals only and that's where its duty is. By default, what happens to or with their shares happens to your shares. The EC can agree amongst themselves to do what they want in a settlement because the APR doesnt mean squat in a settlement environment. Remember the bribe they tried to give MW & EC? He didn't accept, probably won't, but could have or might.

Since preferred holders as a group do not have separate representation, who will file the objections? individuals on their own expense at this point. Have a few holders get together and form a collective and then they need to disclose when they bought and at what or the what can be extrapolated easy enough. Be a tough place to argue from for more unless you are 100% pre seizure and didn't average down.

I don't know if its too late to appoint a preferred committee, select a firm, have it approved for compensation, get it up to speed, do discovery or forward discovery to them on and on. When the EC was granted and formed we were happy to see that and no separate representation was warranted. Maybe its needed now I don't know. An ad hoc committee will have lots if stuff to deal with as far as disclosure and then only those on the committee will have representation..

Some of the Preferreds have a maturity date far off in the future, and are owed back dividends..catch them up and continue until the maturity date , its not liquidation.