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

To: combjelly who wrote (483996)	5/28/2009 11:49:43 PM
From: Joe NYC	Read Replies (1) \| Respond to of 1573921

That isn't what was done, though. Under Chapter 11, several things can happen, depending on what the judge decides. In this case, it looks like the judge has decided that Chrysler should continue operations and the creditors will just have to be satisfied with the available cash. Now the new company gets divided up according to how much more the various parties are willing to contribute. Most of the creditors aren't willing to contribute anything more, so they are now junior partners. The union will be making various concessions and were given a larger chunk. The US and Canadian governments are ponying up bucks so they get a larger slice. The mistake you are making is thinking that the union still exists, that it gives something, or that it has anything to give. Union has nothing, it has nothing to give. They are strictly a liability that Chrysler can get rid of the most easily in the bankruptcy court. The only reason the union is anything other than a laughing stock is the cash they gave Obama campaign. Joe