Here's what's really going on. The government wants the bondholders who are secured creditors of Chrysler to accept a cramdown by giving a preference to the Union who are unsecured creditors. The bankruptcy code has well established priorities in these cases. Is the government changing the bankruptcy code by executive decision rather than re-writing the bankruptcy code?
Thanks for the video. The USSC just effectively canceled the U.S. Bankruptcy code today. I would not touch any investment in the U.S. now with a 200' pole. I suspect there will be millions, if not billions that will flow out of the U.S. economy due to this decision. Whey would anyone invest in a country that keeps ignoring the established laws, or worse change them by decree. The American people will end up suffering. Mike, London, On.
msamour 2 years ago