Yes thats was the prudent move. Anyone could come in as majority holder and control negotiations with JPM/FDIC.
Remember Commons own the company. The company is ours everybody else are creditors.
Thats why he needed to protect his investments because he was no longer a creditor but an owner. So when they filed for BK, he probably hired the legal team to save his a$$.
Its very critical for everyone to realize that WAMUQ owns the company and everybody else are creditors.
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