Greenberg has filed a lawsuit already, and he is asking the board to weigh in and join him in suing the US government for around $25 billion (roughly equal to the 'profit' they made on the bailout) because they charged onerous interest rates (14%) and other unfair terms.
My first, second, and last reaction is Wow. It takes some gall to turn around and sue the government when you chose to accept their assistance - and AIG did choose that path, unlike some of the banks who allegedly were effectively forced to take the government assistance and enter into mergers. Some nerve.
The more important takeaway though, is that the government circumvented established bankruptcy law that is set up to handle a situation where a company has made bad decisions and is in financial ruin. No company should be labeled TBTF, if they fail they should go through bankruptcy and have the assets and liabilities lined up and whittled down at discount prices exactly as the law is set up to do currently. Instead the US came in and prevented a bankruptcy - which was well deserved - AIG was neck deep in CDS on mortgage product that was undergoing extreme dislocations and was vastly mispriced. It's not as if other investors didn't see it coming and have a completely opposing opinion and made gazillions of dollars.