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

To: tejek who wrote (535346)	12/22/2009 3:30:45 PM
From: TimF	Read Replies (1) \| Respond to of 1575421

In a BK, all contracts are pretty much null and void. Bondsmen were expecting the judge to honor their senior position but he chose not to. Its not just an expectation, its the normal process of bankruptcy law. For Chrysler the courts have essentially allowed what happened to go forward as an already done deal that's to late to reverse, but they did not affirm the legality of it and accept it as a precedent. See Message 26186194 The Obama administration interceded before the company went into BK. Once it went into BK, it was the judge who decided how to proceed. The judge decided how to proceed, based on the agreement of the debt-holders, which was shaped by the Obama administration with both carrots and sticks to get a majority to go along.