It's very simple; No one has told them they can't, yet. Only one side of the story has be given. We await the EC and Veneable's actions, and hope that Walrath does as well.
This is the easiest lever to push on. The tax refund split is a real head scratcher, and even if you do nothing more than give WMI a better split (let alone all of it, as they 'should' get), the P's see a nice recovery.
IMHO, this is where the negotiation turns. Anything further relies on litigation which is a crap shoot.
The show was to scare the shares away and put them into the hands of MM's, shorts, and others that JPM wanted in cheap...that's why...and they were in my opinion successful...nobody expected it here...I mean nobody
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