HC is done.  Look no further than the terms of the deal with HOOPP.  If there was light at the end of the tunnel the deal would be less aggressive in fees and up front costs.  Who can lend behind this paper in terms of collateral, price and upfront fees - the answer no one with a brain.  So, the effectively debtor in possession paper form HOOPP is just to slow down the run.

On the asset side of the equation, which seems to be where money managers erroneously focus is a mess too. All loan pools sold, "selectively" to Laurentian and CWB will be at a discount.  The whole book at a 7% discount and voila - no equity left.

No one can stop the bleeding now.