This is correct. Their COOP number of shares are divided by 12 just like us.
However their escrow shares are not but even if everyone have their escrows shares divided by 12, it is the same as it is the same amount of money divided by the percentage that you owned.
From a technical and legal point of view, COOP and escrow are not related with others anymore and so if COOP does an R/S, escrow does not. Just like my neighbor drives a Ford Pinto while I drive a SUV.