Posted on 05/20/2009 3:19:38 PM PDT by Shellybenoit
The rumor that all the Chrysler hedge fund investors have thrown in the towel is not true. Three of those hedge funds have filed a law suit to halt the bankruptcy deal because it violated their rights and because the govt. over-stepped their authority.
You may remember this is the group of which the President of the United States said:
In particular, a group of investment firms and hedge funds decided to hold out for the prospect of an unjustified taxpayer-funded bailout.
They were hoping that everybody else would make sacrifices and they would have to make none. Some demanded twice the return that other lenders were getting.
I don't stand with them. I stand with Chrysler's employees and their families and communities. I stand with Chrysler's management, its dealers, and its suppliers. I stand with the millions of Americans who own and want to buy Chrysler cars.
I don't stand with those who held out when everybody else is making sacrifices.
Now, with the lawsuit, the group has a name and a "face." Among these people labeled as "no goodniks" by the President is the Indiana State Teachers’ Retirement Fund. Yes the President of the United States is trying to intimidate retired teaches from exercising their rights as primary investors. Nice going Mr. President, screw a bunch of retired teachers to reward the UAW for helping you get elected.
(Excerpt) Read more at yidwithlid.blogspot.com ...
Hopefully this lawsuit will be successful in ruling ALL these bailouts to be illegal.
Let all the teachers involved line up and smack his hands with a ruler as should have been done to him at a much younger age.
I think this is just a motion within the bankruptcy court’s dealings with Chrysler rather than an independent lawsuit in a different court.
In Solzhenitsyn’s books on the Gulag, those people who resisted the advance of collectivism were called kulaks. After they were subdued by force, they were officially condemned by the state. Many were shot. Many more were sent to the camps, where they disappeared without a trace.
Time will tell if history is repeating itself. God is in control, so in the end truth will prevail and justice will be complete.
“The bankruptcy court approved the restructuring process this month over dissident creditors’ objections. But the ruling left the door open to later objections. The funds have now asked the district court, a higher authority, to intervene.
“
So it’s really an immediate appeal of one of the bankruptcy court’s previous rulings?
Yep, that is the way I read it. Which makes sense, because setting aside the claims of the secured lenders is illegal.
“I don’t stand with them. I stand with Chrysler’s employees and their families and communities. I stand with Chrysler’s management, its dealers, and its suppliers. I stand with the millions of Americans who own and want to buy Chrysler cars.”
Well he stands with some of their dealers! The rest can KMA.
Folks, we have to call our Reps in Congress and tell them Zero has no authority to do any of this and demand that they take action.
I called my rep and Senators, as well as amany of the GOP Senators on the Senate Finance Committee, telling them that Zero has no authority to give our $ 15 billion away as debt forgiveness to GM, that the shareholders and bondholders—many of whom are regular folks in m utual funds and pension pplans—are getting shafted, and the UAW gets what amounts to a controlling interest.
I told them only Congress can do these things, and that Zero is not the King, he is only the President.
I also told them that I will never buy a GM or Chrysler from this day forward, knowing the UAW was made whole, everyone else hosed,and our $ 15 billion in TARP money was thrown down the drain.
We all need to call. This is the confiscation of private property, an illegal taking.
Evil triumphs when good men do nothing.
Don’t do nothing.
Add another one to the FUBO list of signers
The media, once again, display their ignorance of that upon which they report (see most anything about guns).
The zero needs to be issued a serious smackdown!
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