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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: Sedohr Nod who wrote (3591)	12/22/2008 5:10:52 PM
From: DuckTapeSunroof	Read Replies (1) \| Respond to of 103300

Re: "For all intents and purposes, the big three are bankrupt..." I agree that their equity is 99% wiped-out (and their bonds reduced to trading at pennies on the dollar). However --- they STILL have massive debts and obligations they are legally responsible for. (So, not 'for all intents and purposes'! :-) And, the only sure way of reducing that debt sufficiently to revitalize their business and recreate the industry in a sustainable form is for them to actually ENTER chapter 11 bankruptcy. (Unless you can get all of the interested parties to agree to massive haircuts voluntarily outside of bankruptcy... the bond holders, the dealer networks, the pensioners, the creditors, the unions, etc., etc.)