Replies to post #509476 on Mr Cooper Group Inc (COOP)

[clawmann]

I was around back when the deal was negotiated. We had reports from the courtroom that we discussed thoroughly. Every filing was dissected. A number of posters back then were pros.

There is a reason for the different markers. There were varying outstanding shares of each preferred class, and each preferred class also had a different face value. The commons had no face value and there were over a billion common shares outstanding.

The prefs share 75 cents of every dollar distributed, but not equally. A P gets 40X of what a K gets because the face value of a P was $1000, and a K was only $25.

The commons share 25 cents of every dollar distributed, but there were over a billion common shares.

There various makers make it far easier to ensure each class gets what it is owed. It would not be possible to lump them into one class and still achieve the agreed distribution.