Replies to post #131692 on Mr Cooper Group Inc fka COOP

[linda1]

I have read this before and I am aware that 3.9 billion of the 7.5 billion of preferred shares are in dispute - however the dispute does not include the K's and P's.

[linda1]

If you read this paragraph in the 8-K filing it says in the event of WMB being placed into receivership the WMB preferred shares are converted to WMI depositary shares and thus become the liablility of WMI.




If the OTS so directs following the occurrence of an Exchange Event (defined below), each WaMu Cayman Preferred Security and each Trust Security will be automatically exchanged for a like amount of depositary shares representing a 1/1000th of a share of specified classes of preferred stock (the “WMI Preferred Stock”) of WMI. “Exchange Event” means (a) WMB becoming “undercapitalized” under the OTS’ “prompt corrective action” regulations, (b) WMB being placed into conservatorship or receivership or (c) the OTS, in its sole discretion, directing such exchange in anticipation of WMB becoming “undercapitalized” in the near term or taking supervisory action that limits the payment of dividends, as applicable, by WMB, and in connection therewith, directs such exchange.