ping.
So can an Oppenheimer Fund investor now sue them for abandoning their rights? I sure would. A class action suit by the investors.
“The lenders wouldn’t support the Obama plan to restructure Chrysler after they were offered $2.25 billion in exchange for $6.9 billion of the debt, or 33 cents on the dollar. “The government offer would pay the group $2 billion, or 29 cents on the dollar.
After the administration statement, Perella changed its stance to support the plan, and today Stairway said it was withdrawing from active participation in the automaker’s bankruptcy case moments after OppenheimerFunds’ announcement.”
They folded like a deck of wet cards. obama won
After Oppenheimer threw in the towel, the other holdouts also withdrew their objections, including Perella Weinberg and others represented by Tom Lauria. Lauria is the lawyer who said in a radio interview that “Auto Task Force” chairman Steve “Ismella” Rattner had threatened his clients with demonization by the White House press office.
Oppenheimer holds $100 million in Chrysler bonds, soon to be worth only $29 million.
See, you can summarize without infringing on copyrights...