Everyone in the game has so much more to lose going to the end without a settlement.
The hedge funds have already seen there fate and have backed off to save themselves.
The positioning of that move vs. depositions could save WMG, Rosen and A&M some terrible headaches (sleeping with the enemy). Kostorus is hanging in by one fingernail as he may be sold down the river if this situation goes past settlement. JPM and the FDIC also have there vulnerabilities in several different ways, such a full exposure to the nefarious deal they made to tube WMB and also, they have no rights to the assets they stole, nor do they have releases. TPS can be crammed down along with Anchor and the WMB bondholders can be tossed with justification. Of course the EC could lose some ground too, but then again they have the most to gain and the least to lose, so why not burn down the entire house (IT is good kindle) and see who survives. Even JMW has a few things to lose reputation wise, as I don’t think her “reasonable and fair” edict will stand up in appeal, knowing that the underpinnings of that was just washed away by the IT problem.
I don’t care about Rosen’s blustering.. or the time delay..as far as I’m concerned, EC will walk away short, but in decent shape to recoup losses over the years. I would expect a better indication of a settlement when the FDIC and JPM want there releases…and no further exposure in the coming weeks. EC should stay in there faces and take no steps back !
