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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: Wayners who wrote (35833)	8/19/2010 6:22:25 PM
From: DuckTapeSunroof	Respond to of 103300

Right --- common was canceled and only value remaining (for the old company) was distributed to the bond and secured debt holders. The US government --- by injecting the new money necessary to help pull the company out of a bankruptcy process that would have otherwise ended only in liquidation, selling pieces off for 'scrap' as it were --- became the new highest-priority creditor above all others in the eyes of the bankruptcy court and so earned the bulk of the new common and preferred stock after the old stock was canceled.