Yes, TPS has deep pockets and some didn't give their release. They can go after JPM.
The $50 million "bribe" is "consideration" was needed to make an exchange for release valid. This was during the very first PORs, where preffereds classes (TPS/REITS) were going to receive 0% to 1% recovery, today's POR, that $50 million is no longer needed because consideration is also in the form of new shares in the reorganized debtor, but that $50 million was carried over to this new POR.
If I was TPS, I agree with you, I would also consider $50 million an insult.
TPS has nothing to lose. They paid nil for $1.8 billion in TPS securities. They go after JPM, they will get a settlement as nuisance, which will be more than what they can get from the BK estate.
imo
