So the “Now Released to Participate in the Reorg, WMI Common Share Ownership of the "Holding Company" and the assets held' within its Subs” refers to the “common share ownership” of the Reorganized WMI known as WMIH, or WMI Holding Inc. that emerged from bankruptcy and purchased Nationstar Inc. as a subsidiary, merged it into WMIH, then renamed itself Mr. Cooper Group, Inc. and changed it’s stock trading symbol from WMIH to COOP.
That “common share ownership” of what is now COOP was distributed to released participants 75% to Class 19 and 25% to Class 22. These releases cancelled the original prospectuses and allowed Class 22 to avoid complete cancellation by the Absolute Priority Rule.
This was approved by the Bankruptcy Court.
A 12/1 reverse split accelerated our acceptance by institutional mutual funds by leaping out of the penny stock realm.
COOP is the Reorg, WMI Holding Company and thus the “assets of the subsidiaries” that were Bankruptcy remote belong to COOP.
Will we reap the benefits of these bankruptcy remote subsidiaries? Time will tell, but unless we own COOP stock, we will not receive anything in my opinion. Could be a forward 1/12 split to put us back where we were, but that would make the stock only about $5 or less. $3 was the brief high after emerging from bankruptcy, pre RS, So we have gained off of that high just a little bit.
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