“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
If the big guys won’t fight this clear violation of contractural and statutory law, what chance do folks like me, small businesses have?
Slow Rolling along.
Our financial sectors are infested with crooks and cowards.