[zamnos]

FRC is now down to $15/share from a high of $170 so it's no surprise that anyone that's holding FRC is running scared. If it fails, however likely/unlikely as it may be, what we've seen is that shareholders will be zeroed out by the FDIC (at least in the immediate term, there's at least one lawsuit pending, and we'll have to see how much can be recovered), or in a purchase by, say, JPM, then it's likele not even worth that much. A bank in recievership after a bank run is worth about as much as a Snickers bar, as Matt Levine opined, and a Snickers bar split a million ways is not worth the digital bits the certificate is printed on.