There was no proper bidding process at all. That's why JPM and FDIC agreed to get release signature from us. It was mess, they realized that after long time. I have no idea why it's causing such a delay in accumulating all the estates and distributing to shareholders.
The transaction is not yet complete. $1.9billion is the deposit money, they are yet to consider the book value and complete the transaction. Shareholders gave release only after equity committee said there is significant returns, all parties had inside meeting before final POR. They were not sure of timing when this will be complete. This is very complicated bank failure hence taking long time. if they don't return book value, there will be major problem even though they gave release. Just imagine JPM is giving 1/2 billion just to open new accounts. They have acquired 2000 branches, are you kidding that the whole thing is bought for $1.9 billion. Even a 5th grader kid can tell there is something wrong.