Ed Schultz Insists GM and Chrysler Never Went Through Bankruptcy

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

[tobyhill]

Ed Schultz believes you can change history by repeatedly claiming it didn't happen.

An example of this derangement could be heard on Schultz's radio show Wednesday when he insisted that General Motors and Chrysler did not file for bankruptcy.

Which, come to think of it, is a bankrupt claim in and of itself

Schultz made this bizarre assertion in response to Mitt Romney saying President Obama largely followed his advice on rescuing the auto industry.

SCHULTZ: He is a flat-out liar!

GOOFY SIDEKICK JAMES HOLM: Yes.

SCHULTZ: He is a liar! You can't deny the op-ed that he wrote in the New York Times, "Let Detroit Go Bankrupt". Managed bankruptcy and that's what they did, the hell they, what do you mean, managed bankruptcy?! The American taxpayer wrote a check to an industry that went back and knocked off the corporate jets, knocked off the wages and the health care and the pension for the United Auto Workers, and reset the table, reset the marketing focus, reset the focus on what they were going to make and put on the market. And where the hell are they now?! This could have never been done under Mitt Romney.

HOLM: That sound, that sound of him saying I des-, do we have that sound? I love that soundbite.

ROMNEY: I pushed the idea of a managed bankruptcy and finally when that was done .

SCHULTZ: WHOA! WHOA! WHOA! Whoa! Whoa! Whoa! What do you mean, finally when that was done? It was not done. It was not done. It was not done. They (pause) reprioritized within the framework of what they had.

HOLM (dutifully): That's right.

SCHULTZ: That's what they did! He can call it a slick Bain term. He's so Bain (excruciating mimicry of Carly Simon's ,,,,)

[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