200 years of bankruptcy law tossed out the door...
As evidence of my theory that President Obama had predetermined who would win and who would lose at it related to Chrysler's bankruptcy, I look to the fate of the Chrysler bond holders.
In U.S. Bankruptcy law it's been held for 200+ years that bond holders have a senior position when it comes to the remaining assets of a bankrupt company.
Despite their senior position the Chrysler bond holders were pressured into taking losses. In theory the UAW should have lost everything before the bond holders lost their first penny but that wasn't the case with Chrysler's bankruptcy. Essentially, 200+ years of bankruptcy law was tossed out the door and the U.S. Government was operating like a "Banana Republic" where the rules to game were being re-written every day.
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