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The
hold-out lenders charged that Mr. Obama, who had called them
"speculators" and questioned their patriotism as well as blamed them
for the bankruptcy, used undue political pressure, even though they
were pursuing their legal rights in bankruptcy court, where the claims
of such secured lenders normally prevail.
"After a great deal of soul-searching and quite frankly agony, they
concluded they just don't have critical mass to withstand the enormous
pressure and machinery of the U.S. government," said Thomas Lauria, the
group's lead attorney.
The White House's auto task force asked the lenders to accept about 33
cents on the dollar for $6.9 billion of loans and offered them no
equity in the company, while unions were given a 55 percent majority
stake in exchange for expunging $4.6 billion of debt to a retirement
fund.
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The fact that Lauria helped finanace this filthy government aside, I'm trying to see differences between Obama's and Nazi-Communist thugocracies. Help.
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Sorry. Can't help with that one. I was crazy enough to think that the Bankruptcy Code meant what it says and that when competent parties enter into contracts that neither violate the law or public policy, the contracts are enforced.
ReplyDeleteKomrade Zero is questioning Chrysler's patriotism????? That is too funny!
ReplyDeleteThis from a clown who went to Europe a couple of weeks ago to talk against the United States to nearly every tin-pot dictator on the continent, bowed down to some self-important Arab tyrant, and apologized to them about everything that has happened in the world that America has been involved in since the Titanic hit the iceberg. And even now he is wanting to make nice with the Castros in Cuba and the MFIC in Venezuela, Hugo Chavez.
Chrysler gave in to the Komrade's demands because they knew that if they did not, the Komrade would very likely nationalize them and fire everyone in any sort of supervisory position, especially in the top echelon of management.
There are times when discretion is the better part of valor, especially when dealing with our own tin-pot dictator.
You know that icon you can put on some forum sites, the guy watching eating pop-corn. Well, thats me. So the UAW, the core of the problem, now owns the business. So, effectively, the inmates now OWN the asylum. Isn't this delicious? Either way they self consume. Either, they throw the retirees off the cliff like Delta did it's retired pilots, OR, they achieve absolutely nothing from this Chap 11 deal and they end up right where they were. I love it. This is fantastic to watch. I drive a Dodge Ram, but you can be sure it will be my last.
ReplyDeletePlowboy
I suggest all consider voting with their choice of which automobile they buy in the future. Mine will NEVER say Chrysler on it.
ReplyDeleteYeah you will, because this gummint knows how to sell cars.
ReplyDelete