You Belong to Me: The Chrysler Files: Senior non-Tarp Lenders fight back, file motion citing Radford ruling…
Video Update with extended clip of the interview with Thomas Lauria in MI this weekend courtesy of MM who has it covered in detail at her place:
Clip courtesy of PaulFVillareal2:
(5.1.09) — This audio comes courtesy of The Frank Beckmann show on WJR 760 AM Detroit. Visit WJR here:
http://www.wjr.net/And visit Beckmann’s personal page on the WJR site here:
http://www.wjr.net/Sectional.asp?id=6552
HA!!!!! HA!!!! Thank GAWD they are fighting back!!!!! Absolutely frakkin A right! The attorneys for the bondholders MUST WIN or American contract law is dead IMO and with it, the influx of capital to America that has always made us strong, would YOU lend your money to ANY American business if Team TOTUS can arbitrarily rule by FIAT going forward?, ha ha pardon the pun had to do it
Good song for this one is YOU BELONG TO ME, not to UAW or Uncle Sam to the Senior Bondholders!
Via HA, here is the pdf of the motion filed by Case & White (Thomas Lauria) on behalf of the Senior non TARP lenders of Chrysler who will FIGHT and NOT GO QUIETLY INTO THAT DARK NIGHT! A nice summary here under 17., of the easy peasy ruling this should be and the precedent:
17. Finally, that the Treasury Department would take these unconstitutional actions to help the United States address difficult economic times is not an answer. Indeed, the same justification was expressly rejected in Radford, where Justice Brandeis noted that a statute which violated secured creditors’ rights, but which was passed for sound public purposes relating to the Great Depression, could not be saved because “the Fifth Amendment commands that, however great the nation’s need, private property shall not be thus taken even for a wholly public use without just compensation.” Id. at 602.
WH Bashes Chrysler Debtholders who refuse to take a bath as Bankruptcy Looms….
talk about laying it on thick, now they are hanging the bondholders out to dry at the WH:
WH Admin Official stmt:CNBC: On “holdout: lenders ie folks who would rather go to bankruptcy court and try to get some of their money back:
“Their failure to act in either their own economic interests or the national interest does not diminish the accomplishments made by Chrysler, Fiat and its stakeholders nor will it impede the new opportunity Chrysler now has to restructure and emerge stronger going forward…”
Wow, this Admin really can’t stand not getting its way Imagine the statement we will get when the GM bondholders refuse to take a bath while the UAW and Government walks away with control of the ‘new’ company…that bold line reminds me of how they bash us for going to Tea Parties and say we dont understand they gave us a tax cut, BWAAAAHAAA, we get it folks we really do and we do know our own economic interests and so do these hedge funds..and Team Obama aint it….
Fiat has been waiting for bankruptcy so it can buy up the Chrysler assets cheap..This is what Ch 11 is for..maybe Team Obama doesn;t realize that
Maybe the CAR CZAR RATtner should have actually made an effort for the bondholders…
Anyway IMO further evidence of immaturity and a lack of understanding of the American economic system and our bankruptcy courts.
Why the hexx would the hedge funds who gave Chrysler all this money walk away with nothing? Talke it to bankruptcy, that was the deal when they gave the money to them, that’s how it works when you play with the big boys..
See I think problem is Team Obama has NO leverage on the hedge funds at all. They dont control them like the banks they bullied into eating debt yesterday…heh…
And BTW thes ehedge funds are the very same people Team Obama needs to participate in PPIP, good luck with that the way they continuously bash them….
Moderate in the Middle 