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Politics : American Presidential Politics and foreign affairs
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To: goldworldnet who wrote (35286)5/1/2009 9:28:50 AM
From: DuckTapeSunroof   of 71588
 
Re: "...and the UAW gets a big chunk of the company."

A --- (not really 'the UAW'). It's the RETIREE'S Pension and Health Care Plans --- which are obligations owed, contractual obligations entered into by the company over many years. The Union may have been handed the job of administering the pension plans... but the money is a trust for pensioners, not current employees.

These pension obligations are CONTRACTS just like the Dealer agreements are contracts, the bond agreements are contracts, etc., etc.

B --- It will be UP TO THE BANKRUPTCY JUDGE to adjudicate all of the various and sundry claims that are made in bankruptcy court over the assets of Chrysler. Prior 'agreements' may be given some weight by the judge, but they are NOT writ in stone --- the judge can reject any or all... governed by the Federal rules for bankruptcy proceedings.
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