Winky
Well-Known Member
..have gone into Bankruptcy
You are quite confused by the world around you, are you not?
..have gone into Bankruptcy
They were going to go into Bankruptcy protection before the Bailout money came in..bleeding Billions/quarter. They would've faced the same decisions...who to lay off, which plants to close, which bits to sell off in order to avoid a full bankruptcy.You are quite confused by the world around you, are you not?
You're right, of course. Much better to have let GM close it's doors permanently, or worst yet..have goneinto Bankruptcy and been bought up by China, the UAE or some unknown group of 'interested parties'.
It's worked every other time and it would work this time as well but Noooooooo!
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You're right, of course. Much better to have let GM close it's doors permanently, or worst yet..have goneinto Bankruptcy and been bought up by China, the UAE or some unknown group of 'interested parties'.
They could have gone into a Chapter 11 bankruptcy, filed their new business plan, been protected from creditors, and restarted the business if the business plan was accepted by ythe courts. Conversely, the court or the shareholders could have forced them into a Chapter 7 bankruptcy and the assets been liquidated thus ending the corporation.
They would not have been bought by China.
The reason that none of the above happened was for the protection of the existing union contracts which would have been rendered null and void on restarting the business. Obama needed to protect his union cronies. It was the payback for the support and all of those votes.