Looks like the fight is over folks......

Tuesday, June 30, 2009

The GM Bankruptcy and the Supreme Court

Great Article written by an attorney and a GM Bondholder.....
"The court might suggest that the Obama Administration return to Congress and ask for expedited hearings on legislation that allows the federal government to make loans to GM. Armed with a court order and a bully pulpit, President Obama should have some quick success. The loans would be conditioned on GM's filing for normal Chapter 11 bankruptcy plan process with an accelerated calendar and with the procedural protections unavailable under the section 363 fast track bankruptcy provisions used in the GM and Chrysler cases. The new loan assistance to GM would be tied to a requirement that the UAW adjust its benefits and wages to be more in line with that of GM's historically profitable counterparts. All of the federal government's senior claims would be paid before the bondholders, UAW, and other junior creditors would be eligible to collect significant recoveries on their claims."

See the entire article at:

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