June 03, 2009
The BK blues
So, GM declares bankruptcy. In November, that's what I and a lot of others were recommending until a few things became clear...
1) No one wanted to carry the DIP
2) The previous Administration were going to use BK to break the UAW
Now we're back to square one, the unions have take their hit and the bondholders have taken their hit. The ironic thing is that if the bondholders had caved and accepted equity, this wouldn't have needed to happen. Now, everyone walks away with less because the government now effectively owns GM.
That'll teach you to be greedy and intractable.
Posted by mcblogger at June 3, 2009 03:10 PM
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