Bloomberg is reporting that the dissident senior creditors of Chrysler have caved and will not be fighting for anything more than the 29% that the Obama administration initially offered them. The quote of the day is from Tom Lauria, which was representing the group, “After a great deal of soul-searching and, quite frankly, agony, they concluded they just don’t have critical mass to withstand the enormous pressure and machinery of the U.S. government.”
In fact, since the purchase price from Fiat is $2 billion, and the various bankruptcy fees will come out of that, they’re taking an even bigger haircut.
The Chicago Way has come to Wall Street.
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So by this theory, can my family unionize, quit making payments and take over 55% of my mortgage?
Have you donated millions of dollars to politicians, with a 99-1 ratio to the ‘Rats, over each of the last 3 elections?
Sadly no. Guess I’m screwed. PM me if I forget on the next TEMS, I have some questions about starting a blog for my area.
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