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

To: GROUND ZERO™ who wrote (6918)	2/15/2009 8:51:03 AM
From: DuckTapeSunroof	Read Replies (1) \| Respond to of 103300

"I agree... the auto package was nothing more than a gift to the auto unions..." In the final analysis the Unions are small fry. To bust all of those dealer contracts would result in decades in courts and perhaps $100 Billion in damages owed to the franchises.... The holders of unsecured debt are owed already around 40 or 50 Bil., and the pensioners are owed maybe 20 Bil.... (Only a bankruptcy court will be able to slash this overhead debt load in time to save anything.) Since the loans Uncle Sam recently made have priority over other debtors - AND whomever is prepared to inject 5 or 10 or 15 Billion in "debtor-in-procession" financing (basically: the money a court would need to restructure the company and allow it to emerge from bankruptcy reorganization instead of being liquidated and sold for scrap metal) will have priority and be able to call the shots... I say: hurry 'em up into bankruptcy and have Uncle Sam pay to help them reemerge as bright shiny new companies - shorn of most debt. That way we will still have an auto industry in America (instead of a constant invalid).