- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: GM Commercial
Posted on 4/25/10 at 5:48 pm to kfizzle85
Posted on 4/25/10 at 5:48 pm to kfizzle85
quote:Yes, they did but it wasn't a 'real' bankruptcy where debts either get wiped out or heavily reduced. It was a pre-packaged bankruptcy....or whatever the term was they used at the time.
I mean, they did declare bankruptcy.
GM's financial obligations to the UAW were left basically untouched, as I recall. If you know differently, I'd like to hear it.
1
Posted on 4/25/10 at 6:26 pm to LSURussian
It wasn't a liquidation, it was a re-org, it had a bankruptcy judge, and debts were either cut or converted. Was it a particularly odd bk, given the involvement of the gov? Certainly. Would I have rathered they let the market decide, and let them go into ch 7? Yes, without a shadow of a doubt, but it was absolutely a "real" bankruptcy.
Ask the GM equity holders how much they got (the answer is nothing). Both the bondholders and the UAW got converted, so yes, both parties debts were wiped out. ETA: Please note that I am not opining on the "fairness" of the outcome.
Ask the GM equity holders how much they got (the answer is nothing). Both the bondholders and the UAW got converted, so yes, both parties debts were wiped out. ETA: Please note that I am not opining on the "fairness" of the outcome.
This post was edited on 4/25/10 at 6:38 pm
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News