My guess is extension and they'll come to a deal with someone else once again saying equity is 'out of the money.' Which will once again cut the PPS yet again. I believe this because of the volume. If you watch most manipulated stocks, they move up on volume before news. I'm not seeing that with the U's, P's and K's are slightly picking up, but probably just to knock it back down in half. DIMEQ's have been very interesting on volume with very little PPS rise. Hence where I'm guessing the 'deal' will be made next...IMO of course. In the end I think all classes will get paid, but judging from the volume we're not there yet. So I guess extension with some negative wording to knock down equity. Then see if the volume picks up in all classes, which I believe it will. Hope I'm wrong and we get a settlement for all, but I'm thinking 2012 and beyond for that. IMO
PS I think JPM is not feeling enough 'pressure' to settle and the fDIC needs to step up and admit their mistake...AND RIGHT IT!