Mr Cooper Group Inc (COOP)

[jackfburns]

Don: I agree with you, partially. Yes, someone has to sit on the board, and yes, I'm glad we have a majority.

And since you applied for the job, you are perhaps the best to ask this: would you feel right about taking $300K/year (plus a percentage of litigation proceeds) while the rest of equity is diluted and trades sideways (for who knows how long)?

Would you not think it more fair to tie your BOD comp to performance? Perhaps a nominal stipend and a per meeting fee?

I am not arguing that MW should not be paid - I am arguing HOW MUCH he should be paid. This is a critically important distinction. Anyway you slice it, $300K/year is a meal ticket. It is more than most shareholders make every year, and reeks of conflict of interest.

(My numbers are an assumption, based on MW's comp from the Mirant BK - his comp on our board could be higher or lower.)

Jack

P.S. I have no doubt you would been a much more ethical choice for EC. Had you been chosen, we would not be debating this issue on the boards right now.