Just this statement summarizes that your post is wrong. The bankruptcy is after the fact but the first thing that happened is a seizure by OTS/FDIC-R for good or bad but that's the FACT. Then it went through the court which decided in POR 7 that everything were liquidated and WMB was sold for 1.9B and we signed release to accept (albeit at gun point).
It is as clear as the sun and as daylight. I don't understand how can so many theories be born for such a simple thing.