Replies to post #472455 on Mr Cooper Group Inc (COOP)

[boarddork]

Thanks for being open minded at least. I've been looking at this for a while, and I believe Preferreds are capped + 10 years interest.

Remember there were 2 bankruptcies.

WMIIC filed #1.

Minutes later, WMI filed #2.


WMIIC with no debts, claims, or creditors, was protected by filing for bankruptcy first. Why file if it had nothing to protect?

I think the big picture, is everyone fought over WMI BK #2 and its payout matrix, which was spotlighted in the media, on MB, etc.

Meanwhile the BK #1 residuals will utilize the LT as a non taxed pass thru entity down to class 22 eventually.

The LT will continue to run down, and any WMB residuals or WMI BK #2 residuals roll out as 75/25, until cap + 10 years FJR interest is reached, imo. If anything remains in BK#2 and WMB, And everything from BK #1 is uncapped Commons interest class 22.

[etzetrade]

Great analysis, and logical. Otherwise, TPS would had walked away left nothing to rest of us/commons per waterfall. It's a compromise and agreed by all parties per POR. Anything come out unexpected, it would not change a bit. Also, case#1 BK filing was to protect the assists, not designed to protect common holders only. IMHO

[tanjazielman]

The 75/25 split in the event Safe Harbour assets would be worth more than 10 billion, woud be FAR, FAR AWAY from fair and reasonable.

Preferreds have no right to complain if they recover $1000+10 years of interest.

Preferred capped is the most fair and reasonable. Preferred receiving 5 to 10 times their par value is unjust enrichment based on the nature of their initial investment.

No way that Michael Willingham would allow this. That's why he and Susman/EC crafted the POR in a particular way, so that TPS as an impaired class would vote for the plan.

The question you have to ask yourself is this one: Who knew about the Safe Harbour Assets before confirmation?