Mr Cooper Group Inc (COOP)

[marayatano]

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To win over enough preferred shareholders, Washington Mutual increased their stake in the reorganized company that will emerge from bankruptcy to 75 percent from 70 percent, according to court documents. The remaining part of the reorganized company, which operates a mortgage reinsurance business, will be owned by common shareholders.

The preferred shareholders who changed their votes will also receive a general unsecured claim of $619,000 and they will be allowed to receive up to $18 million from settlement funds previously offered by JPMorgan Chase & Co.

The preferred shareholders may also seek reimbursement for their expenses up to $15 million, Rosen told the court.