[c23gooey]

They had the assets. Just that a good portion of them aren't available to be sold immediately

[searealist]

People need to stop repeating this, they had assets to cover most but not all deposits. They used accounting tricks to pretend they had more than they did.

[MrMan]

This is False. They had the assets, but they declined in value until they were worth less than liabilities. Insolvency.