The Bondholders are considered “secured creditors” in the legal process and held a first payout provision in bankruptcy law after vendors as creditors.
When all is said and done the UAW ended up with a huge stake in GM,which is in deference to federal antitrust laws. Chrysler faired better as they had an outside Suitor,FIAT purchased their assets,although the UAW ended up with a 55% stake in Chrysler. The GM bondholders only ended up with 29 cents on the dollar,even though they were secured creditors,which shows the coercion Obama and his henchmen will go to protect their union allies.
Another nexus in this sad and tired refrain equal to a Greek tragedy on human frailty we have the inexplicable actions of Eric Holder and the DOJ dropping charges against the New Black Panther Party for voter intimidation committed during the elections in 2008. DOJ had a default finding and Judgment by the Court and only needed to complete the case to bring justice for the flagrant intimidation of voters outside a polling station in Philadelphia.
This action by the DOJ was also met with internal resistance with numerous long time attorneys resigning in protest.
We also have the remarks made by Holder that he would see to it that minorities would be treated differently now that he was Attorney General. He is also called our Nation a “Nation of Cowards” in a remark in February 2009 during Black History Month on civil rights and racial matters. What else can we expect from Barry and company?
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