Brushed Under the Table or Not?

So, I heard during each of the last couple of commutes to work that the Chrysler Senior Debt Holders were receiving 30 cents on the dollar.

Or really?

I thought the subject of a prior post and President Obama's subjugation a few weeks ago was that a group of hedge funds and other institutional investors had held out for 60 cents on the dollar and forced the bankruptcy. This is apparently not the case:

http://www.businessinsider.com/white-house-directly-threatened-perella-weinberg-over-chrysler-2009-5

My boss told me today that I had missed the change in the Senior Debtors stance because I do not watch Fox News. Apparently, the folks there have been up in arms about it. The news certainly did not get much play in mainstream media.

There is hope though. The Treasurer of Indiana on behalf of some Indiana pension funds was successful stalling the bankruptcy proceedings. As a result of his actions Supreme Court Justice Ruth Bader Ginsburg stopped the sale of Chrysler "pending further order".

All of these backroom dealings and leaning by the Administration is no better than some of the alleged maneuverings of the previous Administration.

Let it all play out in court and hopefully our previously sacred US contract law will be upheld. There is no reason to keep things below board.

-2outof4