Saturday, August 13, 2011

Will the bankruptcy judge who is handling the Chrysler bankruptcy follow the law or given into Obama?

According to bankruptcy laws the secure lenders are to be paid before anyone else. The duty of those representing the bond holders is to the bond holders and not to Chrysler or the workers. It is the duty of the judge to determine if what is presented to him is workable and there is no way what has been presented is workable. The union contracts including the legacy costs either have to be workable or declared null & void. If no workable plan is presented than it should be the duty of the judge to move the bankruptcy from Chapter 11 to Chapter 7 and order that Chrysler be liquidated and the creditors paid off starting with the secure ones. Yes it will mean a lot of people will lose their jobs but that is not the judge's problem.

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