NO...No ..No & I repeat AGAIN.. NO DILUTIUON UNLESS THE GOV WILL NOT GET PAID
It's true he dodge the question, which may or may not be significant.
But he also said that you can't rewrite history and the the government had to come to the rescue given the possible bk in just a few hours. Basically, his point was, if we had to come in we would do so in a way we and nobody else benefits. He added they came in in a seniority status, senior to debt and shareholders.
On the other hand, the RTC type is looming, the 8k became more vague and he indeed never responded the question about private equity.
In my humble view, if the government has a smart, educated way out of this mess with little cost and some gain, that should be the way to act. And finally, there is one precedent as was stated earlier. BSC negotiations took a little bit of a turn from Paulson's initial heavy-handed offer at 2.