Don't you find it even a little bit "hinky" that the OTS ordered the exchange event, and then a few hours later (If i remember right) seized the Banks?
Walrath ruled there was an exchange event, but the timing of such does not support it. It was her way of continuing to support JPMC, not JPM. JPMC is benefiting from the collateral that TPS was tied to and if the exchange event did really occur, the hold co immediatley filed for BK protection and that included TPS.