Replies to post #575495 on Mr Cooper Group Inc (COOP)

[jerrylev]

TPS argued that the conversion to preferred never took place.

https://www.seattletimes.com/business/wamu-settles-with-dissident-creditor-group/

The investors also agreed to drop an appeal of Walrath’s ruling that some $4 billion in debt securities had indeed been converted into stock when Washington Mutual Bank was seized. They had previously argued that the debt-to-equity conversion never took place and that WMI had no authority to transfer the securities to its Washington Mutual Bank subsidiary, and thereby to JPMorgan.

[PickStocks]

That’s great TPS is in class 19. Never have I said 19 or 22 would receive anything from LTI. The one thing TPS and the underwriters were at the table. They got more information than you or I including the rest of equity. I don’t think they were placed their expecting nothing in return. They get paid we get paid. Very simple.