Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
If a shareholder purchases shares of a bank knowing that the bank is FDIC insured, and that the rules permit a government asset seizure, then the shareholder's rights are subordinate to the government's, and the government can thus take the corporate assets, to the detriment of the shareholder.
My previous answer addresses your question. The FDIC's seizure of assets, while leaving the seized corporation an empty shell with nothing but debt, effectively destroys the corporation's value.Moreover, the FDIC sells the assets for next to nothing, which even further devalues the corporation.
So, yes, it's a windfall for those who purchase from the FDIC. Ordinarily, in a bankruptcy, the court would void any transaction between the corporation and an outside party, unless the transaction were in exchange for "reasonably equivalent value." But, not in these FDIC deals.