Signature Bank Equity Value

Am I missing something or does Signature Bank still have equity value? A few things that don't make sense to me:

1. Just because the FDIC says “shareholders will not be protected” doesn't mean they are getting wiped out, just that they could see loses relative to their cost basis.
2. There is a ~$2.2b markdown to Fair value on the HTM securities and loans, but the company has $8b of equity value. Net of that thats $6b of equity value with 62m shares outstanding, implying ~$100/share price.

Is the reason – that the liquidation/FDIC auction process will cause a significant liquidation discount, and wipe out equity holders?