There is, of course, a complication here. If they had the option to take loans against their bonds at face value, there is an argument they would still exist.

There is, of course, a complication here. If they had the option to take loans against their bonds at face value, there is an argument they would still exist. And that option is now on the table for everyone that didn't get shutdown. Per the news over the weekend. Granted, I think there is also a strong argument that shutting them was as much to stop the ability for the run to continue? Such that even with that loan option (that, again, didn't exist last week), something had to stop the run.