Mr Cooper Group Inc (COOP)

[jackfburns]

CWG: Thank you for this. For me, this says it all - suggests strongly that equity is going to be fine, in the long run.

ROSEN: And what percentage of the stock will be received by the PIERS?

GOULDING: Approximately seventy-seven percent.

ROSEN: In the event that -- well, why would somebody have chosen stock and not cash, especially if it looks like, based upon the waterfall, that cash is going to come to a higher level in the classes?

GOULDING: You would elect to take stock in lieu of cash if you believe that the company was undervalued.
So you believe that making a swap of a dollar of cash for a dollar of stock was a good trade.
So people who elected stock believe that they had -- it had more value than the value Blackstone was placing on it.