The US treasury just doesn't give a dime, the UAW demands everything there is to work again, and Fiat says they will only deal with a clean company after, not the messy one within, bankruptcy. Then the bondholders get nothing, and everyone else goes right ahead and makes the existing deal on the table without them, five minutes *after* all the claims are cancelled as unpayable by the judge.
Why is this hard to see? The US treasury is the only party willing to put in money here, so naturally it calls the shots. If JP Morgan were doing this deal in its place, that is how it would go.
Thats the real issue.Obama wants them gone, so thet the Unions don't have to deal with them. Its "class warfare against the wealthy." And you can guess who I am cheering for.