Mr Cooper Group Inc (COOP)

[clawmann]

I think the issued number of shares is 200m. But I think - think - that 500m are authorized. To answer your question, I think the maximum they could issue before March of 2014 without putting the NOL's in jeopardy would be just over 10 million shares, which would be just under 5% of the new OS. So an acquisition will have to be financed almost entirely with cash or cash and debt.

We want to be a larger company when our once-every-two-year opportunity to do a merger rolls around after the second anniversary of the emergence date. We have to merge with a company about the same size and in the same basic business, so we want to be as large as possible before we do a merger so that we have a larger range of potential merger partners.