It suddenly hit me this afternoon, while thinking about the GM situation, that workers are being forced to accept wage cuts, but the bondholders of GM debt are not being forced to accept any write-downs of the debt? Is that correct? Have I missed something? Maybe some of you have already pointed this out,
and I missed it?
If this is correct, it is totally outrageous, and we should be screaming like hell. In normal Chapter 11 bankruptcy proceedings (as I understand them), both the creditors and the workers are forced to accept cuts. But in the case of GM, only the workers ? !
If this is correct, how can we get this into the public discussion asap? Your comments and thoughts would be much appreciated. Fred ---------------------------------------------------------------- This message was sent using IMP, the Internet Messaging Program. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
