All contracts become null and void, yes.
Suppose that Obama dangled bailout money in front of GM to get control. Then he kicks out Wagoner and the board, closes the profitable, Southern, non-union shops, and then, when GM goes bankrupt anyway, has his ‘team’ of CEO and board declare the union contracts off the table. Was this the game all along? To protect the union contracts when the company was going bankrupt?
Good !
I want to see UAW BROKE !