I expect yours is probably spot on... in terms of the nature of the drivers. Focus on MOSH as that we have here might not be what drives their decisions. Maybe JPM changed course broadly with a mandate to "reduce exposure" to particular risks, which will have them not parsing risks as much as working on shedding them.
Otherwise, as I posted before, the effort might be to divide the risk that exists into more somewhat more digestible bites.
I still don't think it is necessarily a net negative for the auction to proceed... although whether it is negative or not is all a function of other things... from "how" it proceeds if it does, to when it is stopped, if it is. Not all black and white though...
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