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Politics : American Presidential Politics and foreign affairs
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To: TimF who wrote (44541)7/31/2010 6:27:02 PM
From: DuckTapeSunroof  Read Replies (1) of 71588
 
A COMPLETELY LEGAL (and traditional) use of the U.S.'s bankruptcy laws... regarding the provision for any "Debtor in Possession".

ANYONE (if they'd wanted to) could have stepped up to the plate and, (by injecting new funds while GM was in bankruptcy sufficient to see GM successfully emerge from bankruptcy proceedings), gained the extra heft over the course of events in bankruptcy by being granted "Debtor in Possession" STATUS by the bankruptcy judge.

The Court had an OPEN SOLICITATION for anyone who wanted to do so.

But *no one else* in the entire world wanted to do so.

So the government did it.

This has been in the law since the Great Depression.... Perfectly legal and proper use of the existing bankruptcy laws.
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