Bear shareholders should turn this deal down, this is an absolute joke. The assets that Bear holds are not getting any bids but the underlying cash flows behind the structured products exist. This bid by JP Morgan values those assets at zero. Those assets are not worth zero. Bear should shop the book around, as it should be worth much more than zero.
Disclosure: I have no Bear position nor am I aware of any position that the firm I work for has in Bear.
Later in day disclosure: I traded a tiny position in the equity from the long side and barely broke even.
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