Exactly and add to that the comments the Desperado made about bonds, the question about NOLs; which isn't settled, and the fact that the Public Relations repercussions would compromise WMI's banking future and there just isn't enough good reason, except cynical thinking, to expect commons to be canceled here.
The BK judge has to approve the plan and there's money for everyone even before the settlement, imho.
Longs: this isn't about the next hearing, or the one after that. It's about the settlement or court case and the outcome of that trial.
Common sense includes the big picture: Two of the largest banks have locked horns. The FDIC has admitted it over-reached and JPM has sued the FDIC on top of that. This is a good bet! The low price of the commons makes this an extraordinary opportunity to turn a strong profit.
Over working this with thousands of points of view and all the worries that go along with that has diluted the solid grounds on which this investment risk is being made.
The commons are not going to be canceled, and there's still plenty of opportunity here to ride momentum and keep some for the final outcome.
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