Yeah, my thoughts exactly. Just two weeks ago they offered us nothing, I don't really know why they would turn around and offer us something now. The only thing that has happened in the last two weeks is that the motion to intervene was granted, but that's merely the first step in a long process. I doubt it's enough to scare them into making any kind of offer that includes equity. Also, the fact that they didn't object to the motion to intervene tells me that they not only expected it, but that they already knew how they were going to counterattack it.
I've felt since the beginning that JPM/FDIC is going to fight this tooth and nail until the bitter end. Their 'non-offer' on the 12th just further convinces me of that. They, along with Weil, don't want equity in the mix at all, so why include them in the POR? By making any kind of offer that includes equity, even if it's only $1 or $2, it would signal them waving the white flag and acknowledging that they are going to pay the preferreds and commons. That may happen at some point down the road, but I don't think they want to give up that easily. At least not yet...
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