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Politics : American Presidential Politics and foreign affairs -- Ignore unavailable to you. Want to Upgrade?

To: rich evans who wrote (35437)	5/8/2009 10:09:21 AM
From: Wayners	Read Replies (1) \| Respond to of 71588

They better not just give the stock that we as taxpayers paid for to the Union or Fiat. They should sell the stock.

To: rich evans who wrote (35437)	5/8/2009 1:38:52 PM
From: DuckTapeSunroof	Read Replies (1) \| Respond to 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....