Technically, I don’t think GM or Chrysler ever did file for Bankruptcy protection.
OBama just basically seized those entities.
Then he disolved them.
Preferred Bond Holders didn’t get a dime
Preferred share holders didn’t get a dime
Common share holders didn’t get a dime.
Vendors on Accounts Payable didn’t get a dime.
I am pretty sure that vacations/pensions/seniority was passed over to the union employees- who are Barry’s minions.
The original companies were disolved by fiat by Barry.
The shares of the ‘new’ GM were given to the unions ‘because their pensions were not fully funded’—so they got the new shares.
GMAC=General Motor Acceptance Corporation, the financial arm of GM was disolved & all those assets became ALLY BANK!!!
Didn’t we all wonder where this new bank suddenly came from???
All those car purchase contracts were the Genisis of ALLY BANK!!!
I believe that this was a complete abrogation of anything even close to a bankruptcy law in the USA.....
And NO ONE even made a whimper of a challenge to it all!!!!!
“Technically, I don’t think GM or Chrysler ever did file for Bankruptcy protection.”
I beg to differ:
http://www.motorsliquidationdocket.com/
http://docs.motorsliquidationdocket.com/pdflib/01_50026.pdf