Tim, In your discussion here you should venture back in time and “replay” what was said about the “purpose” of the warrants and the stated (verbally) plans for them.
I recall a conversation or a quote that essentially, said the warrants were for collateral and would never be exercised.
Also, I see no way the government can walk back on their words. And finally, the Dec 2010 memo – if not stated should be reminded – that it was not public until December 2013 or so and in the interim the FDIC sold a few billions of preferred stock it accumulated from “failed” banks.
I really don’t understand why the government isn’t working very hard at negotiating a settlement that caves on each and every issue. Its really that bad.
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