Replies to post #398464 on Mr Cooper Group Inc (COOP)

[Large Green]

AZ, excellent summary and explanation. Some people do not understand the difference between guaranteed and capped. The Piers were NEVER guaranteed $10.52 but they WERE capped at $10.52, meaning they could not get more than $10.52 a share but they COULD get much less!

There is also a time value in this Piers mess so the actual amount will soon be told and I will stay with the three to four dollars a share. There is a possibility of two dollars a share more, depending on certain actions that I do not have the privilege to know.

Escrow share account holders and more, here we come with accounts wide open and ready to collect...

[bkshadow]

AZ, "will be paid off"

I agree that the H PIERS will be paid off (ultimately), however, the distribution of the RONs in May 2014 isn't enough to do it. There isn't enough value in the RONs to make them go away. I also do not believe they are being punished, or used as a lever, to allow a theoretical POG at the end of the rainbow.

The CA claims are not settled (for simple reasons, nothing to do with theatrics) currently, and the $65M from the recent commutation has not been announced as cleared the all of the required parties. If they 'get done, and are excess above other claims, there might be more in the distribution. But, at least, the RONs are scheduled to be distributed. So the PIERs get the RONS in May. I'm looking for a discount valuation on them also against the claim amount; the most current PV of the WMMRC revenue stream, less year to year administrative costs of an indentured trustee.

I do not know if the RONs will be 'trading debt, especially the TIER 2 RONs that could be classified as equity. I guess we will find out in May.

The next round of distributions would appear to be when the CA refunds and the commutations are realized, and competing claims are resolved.

I agree that the PIERS will be paid in total, before any assets flow to lower classes of equity (the placemarkers must first be moved into LT "interests," and that has not been done yet).

[creyno58]

So are you saying whatever amount is in the trust May 1st will be distributed to piers and that will close out the trust and piers claim but between May 2nd and the final close out of the bankruptcy in September additional money may come in to be distributed but since piers has already been closed out they will not have a claim to these assets?