The Government Gets Its Way With Chrysler

It looks like Obama will win in Bankruptcy court:

The small but staunch lenders group that stood against the government-orchestrated sale of Chrysler said today it will withdraw its public opposition after two of its largest remaining members dropped out.

The decision came after OppenheimerFunds, the New York-based asset manager, and Stairway Capital, a hedge fund on Long Island, who were leading the effort, determined that the group was no longer large enough to be effective in court.

The standard for getting your way in bankruptcy court is to have two-thirds of the dollar-value of the debt and a majority of the creditors who hold that debt. And I guess the administration has that.

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Conor Clarke is the editor, with Michael Kinsley, of Creative Capitalism. He was previously a fellow at The Atlantic and an editor at The Guardian. More

Conor Clarke is the editor, with Michael Kinsley, of Creative Capitalism, an economics blog that was recently published in book form by Simon and Schuster. He was previously a fellow at The Atlantic and an editor at The Guardian. He is also on Twitter.

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