will it survive the weekend, page-14

Word, I agree with most of what you say, but think there's a small furfy in your numbers....

RAMS have $14,500,000,000 in debt. They're liabilities.

The loans are therefore assets.

Their net assets are $1,000,000 (ie. assets - liabilities).

As I said, I agree with what you've posted, I just think the way you presented the numbers wasn't entirely fair.

Also, as you say, if anyone is waiting for a major to come in and buy the loan book, you're wasting your time. Why didn't WBC buy the whole thing in one hit?

Either they didn't have time to do a due diligence on the loan book (possible if they wanted to swoop in and take what they could without the other majors getting wind of it), or they did, and they didn't like what they saw. I know of at least one other major that has done a DD on the book.