Go Indiana #2
June 09, 2009
– Comments (6) |
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Indiana,
Trying to upload the rule of law. God bless these folks for trying to prevent our government from acting like the Russian Mafia!
http://www.ft.com/cms/s/0/e9b41aec-5534-11de-b5d4-00144feabdc0.html
The funds, which hold $42m of Chrysler’s $6.9bn in secured debt, contend that an offer to pay them 29 cents on the dollar violates their creditor rights. A United Auto Workers union healthcare trust - a more junior, unsecured creditor - would receive far more favourable treatment under the restructuring, including a 55 per cent equity stake.
The Indiana funds also maintain that the government has acted unlawfully in using the Troubled Assets Relief Programme (Tarp), meant for financial institutions, to bail out carmakers.
More fear and intimidation:
“Chrysler could well be forced into liquidation if the sale transaction is not completed on or before June 15”, Fiat said.
Let the courts do their job!!!
JFC
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