I changed more than the bold portions. I made about 4-5 changes to your original post out of respect though to start a good conversation....
I have not read anywhere or heard anyone considering the "65" billion as a settlement. All i read is payback this and payback that at 18-20 cents on the dollar. Its a payback. I do not think divies will be reinstated.
The only problem with your view is that it is not a liquidation its a re-org. If they wanted a true liqidation they would have selected it in the first place which will allow the top creditors more say. But, IMO, the hang-up is they dont know how to value the MBS/CDO and all the troubled illiquid stuff at the time. That is why IMO they chose re-org....right??...all IMO stuff again...lol...go figure...devil