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

To: Wayners who wrote (11876)	4/24/2009 6:21:21 PM
From: DuckTapeSunroof	Respond to of 103300

Re: "The pensions will end up at the Federal Pension Guarantee Agency. This is typical in a major company bankruptcy. The recipient gets maybe half of what they would have gotten and the companies typically emerge from bankruptcy without the pensions hanging over their heads anymore...and we all get to pay for it." I don't expect that would happen unless the Chrysler bankruptcy results in a complete LIQUIDATION and dissolution of the business... the parts sold off for scrap. In a 'chapter 11' style bankruptcy the reorganization is designed to allow a viable business to emerge from the bankruptcy reorganization... but I doubt that such a high priority debt claim as the pension obligations would be completely extinguished. Slashed, maybe, but not completely voided and handed to the taxpayers.... (not in a chap. 11 anyway.....) Who will be completely wiped-out though are all the equity holders (that hedge fund, Cerebus, who owns 80% of the stock...), and likely all or most of the unsecured or otherwise low-ranking debts.