if you are to be consistent, now protest Obama's lack of Rule of Law... One which will have far more fundamental effects than the ones you imagined under Bush
http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aN_5hvV_xqHM >>> The package the White House hammered together to convert big, old, dying >>> Chrysler into a smaller, healthier car company looks a lot like a massive >>> violation of bankruptcy law. A few dissident creditors, namely three >>> Indiana pension funds that banded together, remain defiant enough to say so. The Chrysler plan “seeks to extinguish the property rights of secured lenders, trampling the most fundamental of creditor rights in disregard of over 100 years of bankruptcy jurisprudence,” the funds argued in bankruptcy court papers. Their share is tiny, to be sure. Out of $6.9 billion in senior secured loans, the Indiana funds have $42 million. They paid 43 cents on the dollar, and would get roughly 29 cents after the sale. The Gall What galls them is that the United Auto Workers’ retiree health care trust fund, the most prominent of the unsecured creditors, would own 55 percent of the new company and get a $4.5 billion note for its $10.5 billion unsecured claim. Putting unsecured creditors ahead of secured lenders isn’t how bankruptcy law is supposed to work. Plus, the government has no business giving Chrysler money meant only for financial institutions under the Troubled Asset Relief Program, the funds say. They say the sale is really reorganization in disguise, which is illegal under bankruptcy law. By claiming it’s a sale, Chrysler avoids months of court scrutiny and legal wrangling over how much to give each creditor. They slip past rules that reorganization requires. “If there ever was a stealth reorganization plan, this is it,” David Skeel, law professor the University of Pennsylvania, told Bloomberg Radio. --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
