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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Elroy Jetson who wrote (202119)	5/13/2009 5:32:23 PM
From: Galirayo	Read Replies (1) \| Respond to of 306849

I assume that you think all is fair in Government against the Senior Note Holders ? [Print] [Email] White House puts UAW ahead of property rights By: Michael Barone Senior Political Analyst 05/05/09 8:11 PM EDT Chrysler headquarters is shown in Auburn Hills, Mich., Wednesday April 29, 2009. (AP Photo/Paul Sancya) Last Friday, the day after Chrysler filed for bankruptcy, I drove past the company’s headquarters on Interstate 75 in Auburn Hills, Mich. As I glanced at the pentagram logo I felt myself tearing up a little bit. Anyone who grew up in the Detroit area, as I did, can’t help but be sad to see a once great company fail. But my sadness turned to anger later when I heard what bankruptcy lawyer Tom Lauria said on a WJR talk show that morning. “One of my clients,” Lauria told host Frank Beckmann, “was directly threatened by the White House and in essence compelled to withdraw its opposition to the deal under threat that the full force of the White House press corps would destroy its reputation if it continued to fight.” washingtonexaminer.com We Got Change .. Like it or Not. Real Estate Senior Holders ... 1st Mortgage Holders .. ARE They Next ?

To: Elroy Jetson who wrote (202119)	5/13/2009 7:31:32 PM
From: RockyBalboa	Read Replies (1) \| Respond to of 306849

As you said, risk... a forgotten lesson. I have followed some major bankruptcy cases, including New Valley, Kmart, Warnaco, some steel factories, Dana, Dura and many more and in bullish times bondholders have been highly rewarded. A friend of mine, a Lehman associate praised restructurings as the best thing to happen. This was clearly based on the fact that unencumbered assets under new management have been employed profitably. But there was a big difference; in most cases major parts of the former company were highly profitable if not for a debilitating debt load. In todays prominent BK cases the same can not be said. Many of those including Chrysler, GM and their suppliers have been on life support for years much like our beloved zombie banks. How else would one regard the billions of good money thrown after bad, by the government?