I do not know, Dick Bove just said BSC is too big to fail (not sure about that one) but it is not too big to go the way of Compaq Computer (getting absorbed into a bigger company).
Big market events like this often include enormous failures. BSC is certainly big but I am not sure if it is enormous. This being important news would be constructive as part of the ending process and while I hope it turns out to be important it might be a little early. Stay tuned!
Actually more of a new thought. What of the put buyers who made so much news buying March expirations of $40 and even $30? The stock is printing $31 (assuming what I am looking at can keep up) as I publish the update