Bonderman invested in WMI when it needed capital, and he diluted shareholders considerably. He knowingly invested after considerable due dilligence and after having previously been a Board Member. He wasnt a scavenger.
Bonderman realized quickly that he may have invested in a doomed company. He had a contractual right to put in MORE money at whatever price that a subsequent capital raise would fetch. This was his "non-dillution" protection.
HE WAIVED that in the 60-90 period leading to seizure. He wasnt going to put another penny into this Titantic, and he would accept the dilution that came with another capital raise. This was his "white flag" moment. he couldnt get out, but he wasnt going to go deeper.
Bonderman left with whatever he could get. Had he known about some hidden fortune, he would have continued to pour capital in and increase his ownership stake so he'd have a bigger piece of the "fortune" that awaits.
Bonderman's own actions tell you everything you need to know about why he was willing to walk away with 200M.
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