[AKA: 'ENT: Enhanced Negotiation Techniques'...]
According to a Wednesday Reuters report, offering secured bondholders a much better deal than the 29 cents on the dollar Chrysler's secured creditors have been offered. Chrysler's "non-TARP secured lenders," after what they allege with much evidential support was a campaign of threats and intimidation by President Obama and the White House, abandoned their efforts to have their first-lien rights recognized in bankruptcy court. [again our 'captains of industry' prove to be wimps]
But Indiana pension funds holding some of that secured debt representing teachers, police, and other workers have taken legal action objecting to the terms of the Chrysler bankruptcy that don’t give first-lien lenders their proper and legal due.
It thus appears, despite a chest-thumping May 2 assertion in the New York Times that the White House's Chrysler hardball might have taught GM lenders a "lesson," that Obama and his car guys don't have the stomach for riding roughshod over the rights of GM's secured bondholders and ending up in a regular federal district court.
Now what? Well, if you're Team Obama, you instead try to put the screws to GM's unsecured bondholders -- to the benefit of the United Auto Workers' Voluntary Employee Benefits Association (VEBA) trust...
[Read to learn the mechanism of how corporations are stolen in America...> ]
READ MORE
No comments:
Post a Comment