Posted on 10/09/2012 5:42:35 AM PDT by equaviator
The link to the WSJ article is not obvious in the Free Beacon article, but it’s there.
Look for the phrase: “Gerber said in July”. That’s a link to the WSJ article.
I understood the article to the extent that it just raises further questions like how much of a choice did GM really have when bailout “options” were presented.
The only economic tremor would be to the UAW. The union contract would be tossed, the secures creditors would go to the front pd the line where they belong, and there will be a proper BKO proceeding. All those dealers who were screwed over I’m favor of politically connected parties would get their franchises back; which will less to a great deal of hiring.
Custer should be so lucky regarding one of his "signature achievements."
“Custer...”
Hah!...he was “Pure Michigan” too.
His post on what took place:
Contract law was trampled as claims that were supposed to be equal received unequal treatment. GM and Team Obama chose a debtor-friendly venue of NY by starting an action against itself when GM-owned Saturn of Harlem initiated a claim against GM in that court.
Debtor-friendly Judge Gerber ruled against bondholder group that sought due process and a negotiated settlement. Treasury Department, through Auto Task Force member Harry Wilson threatened full liquidation of GM if the court did not agree to Task Force/Obama’s plan. The plan was enacted as sought and bondholders received a fraction of what the UAW got. Approximately 10 to 15 cents on the dollar compared to a typical negotiated bankruptcy which would have seen them get 40 to 50 cents on the dollar.
5 posted on Thursday, October 04, 2012 3:01:59 PM by Mark Modica
Bump
Wrong Machine. He doesn’t belong to the Daley’s or Madigan.
This time it will be the taxpayers, not the UAW that get screwed. Compliments of 0bama Depends on timing. Can't win this case too quickly. Need to stall past Jan 20. Even past Jan 1st (new congress) would remove some chances for mischief. Of course both presume we win the elections. We lose all otherwise.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.