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Politics : The Obama - Clinton Disaster
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To: GROUND ZERO™ who wrote (10171)3/30/2009 4:10:59 PM
From: DuckTapeSunroof  Read Replies (1) of 103300
 
Re: "bankruptcy would have been smarter to start with"

I've always thought that the bankruptcy option had a lot to recommend itself --- after all, only a bankruptcy JUDGE has the legal authority to BREAK CONTRACTS to reduce costs so that the company will be able to emerge from the reorganization process as a viable business.

So, *unless* all this jaw-boning can bring all the major parties (pensioners, bond holders, dealers, workers, unsecured creditors, and the piddling few shareholders who are left, etc.) to reduce their claims by enough to result in a viable business... I suppose they can always hold out the option of a bankruptcy as a cudgel to knock heads together.

In any event... I think what they are looking for here is a "controlled" reorganization... not an "uncontrolled" one.

(in other words: they don't want it to drag on for three or four years and result in ALL of GM's business evaporating. They want a FASTER reorganization.)
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