[CA Conservative]

I think there’s 1 action left to secured bondholders, an “inverse condemnation” action. That’s an action based upon the “Just Compensation” part of the Takings Clause, and it means, in effect, “You’ve already taken my property, so now please pay for it.” It’s an after the fact the action that doesn’t block the sale.

As a matter of fact, they seem to have structured this deal to prevent just the sort of action you are proposing. What will happen is all of the parts of Chrysler that have value will be placed into a new holding company. All of the debts and the parts that have little value will be left in Chrysler. Any compensation to the secured creditors will come from the part of the company that has had all of the assets drained from it, with no recourse against the "new" company.

I am amazed and saddened by what we are seeing,and increasingly angry. My family will never own another GM or Chrysler vehicle.

[muawiyah]

Bunch of Chrysler buildings are separately secured by "industrial revenue bonds". In effect, Chrysler was paying rent.

The "new Chrysler" will need to renegotiate the deals with the affected states.

I'd suggest the states may well NOT care give the "new Chrysler" the same deal ~ which includes tax abatements,