BAC offers 50 per share. Changes board and calls off litigation against them (BAC) and collects the billion JPM is going to owe when when they settle. The 50 per share is about break even on the litigation. They give Dimon a kick in the pants and gain some value in the subsidiary. They get the NOL's so long as they keep it a subsidiary. Seems like a good deal all the way around for Moynahan.