I don't think receivership is even a consideration due to the need for a solid MBS market. Geitner promised that the securities issued by fnf were good. r-ship would stop interest on the bonds and possibly put the whole market at risk.
The chinese and other foreign funds would pull out(is what the fear is)
They can't destroy the common and preferred w/o r-ship.
that is the conundrum.
r-ship will also ding the bonds and have them in flux for too long.
of course the gov't also said that the company was strong right before c-ship.
The sure path to receivership is set by the reduction in net worth by the 3rd. On year #5 this is zero. In other words, the companies cease to exist. Will the doors be shut down or will the companies be absorbed by the government? Doesn't look like Mel Watt will be happy with any of those outcomes.
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