This scenario actually is more like unavailability. SVB has assets that cover your account at par value, but needs time to liquidate them at a decent price (or let them mature). The FDIC has that luxury. Your account would have been open (with most of your money available) on Wednesday without this action.
This isn't a Lehman scenario. Those assets are marketable and worth something. They just can't be sold too quickly. This is why the TARP program made money: the sellers needed money now, but the government could hold those assets to sell at a good time.
I'm sure you could otherwise call up your creditors and they would say, "that sucks, pay us by Friday," and life would be pretty much normal.
That is the way that neither receivership nor payroll actually work. (And we needed to wire by Tuesday -- which is kind of the point?) Now, even in the scenario, we would have made payroll -- but it would have been because heroic investors wired out of personal funds, and I know that not every startup would have been as lucky.
This isn't a Lehman scenario. Those assets are marketable and worth something. They just can't be sold too quickly. This is why the TARP program made money: the sellers needed money now, but the government could hold those assets to sell at a good time.
I'm sure you could otherwise call up your creditors and they would say, "that sucks, pay us by Friday," and life would be pretty much normal.