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Politics : American Presidential Politics and foreign affairs
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To: rich evans who wrote (35437)5/8/2009 1:38:52 PM
From: DuckTapeSunroof  Read Replies (1) of 71588
 
Excellent post, Rich!

(You explained the salient details far more concisely than I could....)

By being BOTH the largest single secured debtor, AND being the ONLY PARTY willing to pony-up the Billions of Dollars that are required to reorganize the business so that it can emerge from bankruptcy, the US attains "debtor-in-possession" classification with the bankruptcy court... and this (along with the votes of well more then 90% of all the creditors) is what encourages to court to give the US's plan for reorganization priority.

1) Being a very large (if not THE largest) creditor.

2) Proposing a rational plan of action for reorganization, AND putting up MAJOR FRESH CASH to help it succeed... and,

3) Securing the proxy/votes of damn near 95% of *ALL* the creditors....

Is what allows the court to back Uncle Sammy's plan....
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