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The Government Gets Its Way With Chrysler
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It looks like Obama will win in Bankruptcy 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.
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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