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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Joe NYC who wrote (479316)	5/9/2009 1:21:55 PM
From: tejek	Respond to of 1573221

“After a great deal of soul-searching and quite frankly agony, Chrysler’s non-TARP lenders concluded they just don’t have the critical mass to withstand the enormous pressure and machinery of the US government,” Thomas E. Lauria, a partner of Mr. Kurtz’s and the lead lawyer for the group. “As a result, they have collectively withdrawn their participation in the court case.” I guess Guido must have paid them a visit. Other secured creditors remain opposed to the Chrysler plan, but have refrained from joining the committee for fear of public reprisal, Mr. Kurtz said. In other words, they are afraid of not getting their share of gov't business. But dissident creditors had an uphill battle from the start. The four major banks among Chrysler’s 46 secured lenders — JPMorgan Chase, Citigroup, Morgan Stanley and Goldman Sachs — held about 70 percent of the secured debt. You didn't highlight this point. Why?

To: Joe NYC who wrote (479316)	5/9/2009 1:32:23 PM
From: tejek	Read Replies (1) \| Respond to of 1573221

"Bankruptcy experts familiar with the judge's track record don't believe he would have bowed to pressure from the Obama administration. But he probably would have ended up approving the asset sale in a bid to help salvage the battered North American auto industry, which is considered part of the economic bedrock of both the United States and Canada, they said. "He is an excellent judge and not the kind of person who is afraid to stand up and go against the pressure," said Ronald Sussman, a lawyer who represented Enron employees before Judge Gonzalez as a partner at Cooley Godward Kronish in New York. "But this is the most unusual of times and when he's confronted with the alternatives, I think he's going to do everything to find a legal basis to do what's necessary to save the auto industry. I don't think he'd do it for political reasons or because he's afraid. He'd be exercising his discretion as a bankruptcy judge and pushing the limits as far as he can go." financialpost.com