Before the merger, the theory is that there is a shortage of cash and shares and so it's must be for S4V and exchange of assets with WMIIC.
Before the R/S announcement, there are 3B authorized shares and so the theory goes that it is for S4V. Then after the R/S announcement, it is announced that the authorized shares are now 300M but the S4V continues with the 200M shares difference.
After IR has clarified that the company has nothing to do with WAMU assets, the S4V theory continues with the 65B that COOP recorded last quarter but has not announced yet, must be WMIIC assets.
Long live S4V.