BBAN that might be for the bond holders, but not new stock positions. It makes no sense for Steve Cohen to buy 4mm+ shares than short his own stock. Nothing to gain at all. I don’t think you understand the concept.
Your playing devil advocate is based on the wrong assumption. There will be fewer shares from a value point of view and not more shares. The number of shares foes up to 1.2B but the pps goes down to 1.41 from NSM PPS of 18.
And so you have to take 1.2B shares divided by 12.77 Equal 93.97M NSM equivalent shares. NSM has currently 98M shares.
The future combined company has the same revenue and income as NSM, plus the 6B NOL from WMIH and NSM debt has been refinanced.