GM bonds

A year ago, GM declared bankruptcy. Creditors lined up to get whatever remnants they were entitled to, as normal...

except it was decidedly UNnormal. Bond holders are prioritized by contract, in case of liquidation. And so in GM's case. But the emperor arbitrarily ruled that union bond holders collect ahead of other, more senior bond holders. In clear violation of the 5th Amendment, the federal gov't committed highway robbery (which they do routinely, but not so brazenly).

I expected a flood of litigation, but... nada. Can anyone explain to me how they got away with that?

Reply to
RichD
Loading thread data ...

Simple--the UAW and AFL-CIO donated cash and manpower to elect Obama. He is basically their property same as their building. Except the building can do its job without a teleprompter.

Reply to
AZDuffman

AZDuffman wrote in news:56d43824-86b9-4ec3-9d06- snipped-for-privacy@z11g2000yqz.googlegroups.com:

Still bugs ya that he won, doesn't it?

However the bond holders get paid or don't will be up to a bankruptcy judge, probably one not nominated by Obama.

The WPE couldn't do his job with a teleprompter. What's your point?

Reply to
Deadrat

As I understand it, they checked the legal position and found that it was not as you have put it.

Reply to
Fergus O'Rourke

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.