Ed Schultz Insists GM and Chrysler Never Went Through Bankruptcy

newsbusters ^ | 5/11/2012 | By Jack Coleman

[scrabblehack]

Maybe he’ll honor all the worthless old bonds and shares of the former General Motors.

[Loyal Buckeye]

Mental illness, has to be.

[Erik Latranyi]

Fat, drunk and stupid is no way to go through life, Ed!

[USS Alaska]

If GM had declared bankruptcy, the bondholders would have been first in line for any recovered assets. In the Obama theft, the bondholders got screwed.

GM declared Chapter 11 and the Feds through their buddies on the bankruptcy court did screw the bondholders and fatten up the unions.

Obama called the bond holders greedy and threw them under the bus.

[ridesthemiles]

Technically, I don’t think GM or Chrysler ever did file for Bankruptcy protection.

OBama just basically seized those entities.
Then he disolved them.
Preferred Bond Holders didn’t get a dime
Preferred share holders didn’t get a dime
Common share holders didn’t get a dime.
Vendors on Accounts Payable didn’t get a dime.
I am pretty sure that vacations/pensions/seniority was passed over to the union employees- who are Barry’s minions.

The original companies were disolved by fiat by Barry.

The shares of the ‘new’ GM were given to the unions ‘because their pensions were not fully funded’—so they got the new shares.

GMAC=General Motor Acceptance Corporation, the financial arm of GM was disolved & all those assets became ALLY BANK!!!
Didn’t we all wonder where this new bank suddenly came from???

All those car purchase contracts were the Genisis of ALLY BANK!!!

I believe that this was a complete abrogation of anything even close to a bankruptcy law in the USA.....

And NO ONE even made a whimper of a challenge to it all!!!!!

[MplsSteve]

“...but you have no idea of the “UNPRECEDENTED” fraud committed on GM bond holders...”

Actually, I do. Bondholders got screwed royally.

GM may not have been your regular bankruptcy - but it was a bakruptcy nonetheless.

[nascarnation]

“Technically, I don’t think GM or Chrysler ever did file for Bankruptcy protection.”

I beg to differ:

http://www.motorsliquidationdocket.com/

http://docs.motorsliquidationdocket.com/pdflib/01_50026.pdf