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Bailout on the Brink
Washington Free Beacon, by Bill McMorris

Original Article

Posted By:MissMolly, 12/6/2012 5:31:16 PM

A New York federal judge may rule imminently on a case that could reverse the General Motors (GM) bailout and send the company back into bankruptcy, according to sources close to the case. At issue is a backroom deal hatched by GM to fulfill the Obama administration’s demand for a quick bankruptcy, draining the automaker of nearly all of its cash on hand and leaving it in worse shape than it was when it collapsed in 2009. One condition of GM’s bailout was to shore up its overseas subsidiaries. On the eve of entering bankruptcy,

      


Post Reply  

Reply 1 - Posted by: lilo, 12/6/2012 5:45:50 PM     (No. 9052399)

Is this any indication that the bondholders who were stiffed may get some of their stolen monies?

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Reply 2 - Posted by: Safari Man, 12/6/2012 6:02:11 PM     (No. 9052425)

#1 are you kidding? Bond holders are greedy capitalist pigs, like yours truly.

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R-G1
  
R-VAR_AD


 
Reply 3 - Posted by: sardonic, 12/6/2012 6:02:32 PM     (No. 9052427)

s/
Obama will simple tell his friends at GM to ignore the court order. After Obama has a mandate you know /s

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Reply 4 - Posted by: sgtfox of the jarhead clan, 12/6/2012 6:08:49 PM     (No. 9052432)

Good...now go get that free " Bama-pho" back from the toothless parasite in Cleveland . She has completed her end of the deal. Deals big and small need to be undone.

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Reply 5 - Posted by: dr.lakerman, 12/6/2012 6:12:02 PM     (No. 9052440)

This is just a guess, but...even if the bankruptcy judge alters the original bankruptcy decision, president zero will appeal the case, and argue in federal court that since foreign matters are involved/entangld in the hedge fund dealings , his powers to deal with foreign policy, enshrined in the constitution, trump any bankruptcy proceedings.
I realize it is a stretch to come up with that, but nothing would surprise me with this presidency, or with the chief justice, after Roberts found the penalty was a tax, and forcing a person to buy a product or be taxed was somehow constitutional.

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Reply 6 - Posted by: Emmajustin, 12/6/2012 6:15:28 PM     (No. 9052448)

That whole case stinks.
It has turned secured creditors´ rights on its ear. Too bad the bond holders (institutions and pensions, hello) and dealerships that were destroyed didn´t band together to fight it.
But with the media against them I guess they stood no chance.
What industry is next in line to be destroyed?
We will either be destroyed or have our emails read, cars tracked and guns taken away by next year. Gloomy future.

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Reply 7 - Posted by: Rabidrabbit1, 12/6/2012 6:40:05 PM     (No. 9052485)

I swore off GM. Will never buy another. If the judge reverses the bailout and pays off the stock holders, and if GM survives it, I might buy one, again.

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Reply 8 - Posted by: MisterDickens, 12/6/2012 6:44:14 PM     (No. 9052490)

#7, you have a point and, like you, I swore never to buy GM again. I think I still probably won´t because even before this huge Zerobama payoff to his union buddies, the unions were still causing the price of the cars to be way too high. I think I´ll just buy used... or walk. GM actually going through a real bankruptcy has been a dream of mine, too.

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Reply 9 - Posted by: jgalt, 12/6/2012 6:59:34 PM     (No. 9052520)



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Reply 10 - Posted by: jgalt, 12/6/2012 7:05:28 PM     (No. 9052528)

Every patriotic American should absolutely boycott GM and drive it out of existence... Teach obama a lesson so he doesn´t try to take over any other private companies and ignoring the rule of law in the process.
One more example of obama´s "ant-Midas" touch - everything he touches turns to CRAP. America will be his ant-Midas masterpiece by the time he is finished with us.

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Reply 11 - Posted by: lylacat, 12/6/2012 7:15:28 PM     (No. 9052549)

I will never buy another GM product ever. 0bama crafted the most horrid and biased bankruptcy to ever go through the courts. The original bond holders were not given a dime, so that 0bama´s greedy union thugs could keep their bloated wages and pensions. Right now, we, the taxpayers, are still bailing out GM, as Ally, GM´s loan company is OWNED 80% by the government (taxpayers), and Ally is giving cars out to anyone, most with no ability to pay. 0% down, 0% interest, and 0 payments for several months. GM is just clucking at how many deadbeats are buying their cars, and the taxpayers end up paying once again. No, I will never buy GM ever again.

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Reply 12 - Posted by: tren9, 12/6/2012 7:46:06 PM     (No. 9052603)

If the judge was denied info by the parties then he should sanction the parties and their attorneys. Some lawyers should do 30 days for contempt.

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B-G1


 
Reply 13 - Posted by: sternben, 12/6/2012 8:06:02 PM     (No. 9052648)

The claim that Obama saved GM is fraudulent. What he did was use political muscle to intervene in a bankruptcy process in order to ensure a settlement on terms favorable to his supporters, the United Auto Workers union, at the expense of taxpayers (or "freeloaders," in the president´s parlance) and bondholders. It would be more accurately characterized as an act of larceny than salvation.

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Reply 14 - Posted by: Distorted, 12/7/2012 2:11:44 AM     (No. 9052937)

Does the judge have the gonads to do what a judge in any other case would do when a bankrupt debtor is caught red handed hiding debts and concealing double-dealings? He admits in the piece that he was sloppy because he was swayed by the enormity of his decision. So, will he do what the law requires, which he did not do the first time, or knuckle under again?

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Reply 15 - Posted by: Trigger2, 12/7/2012 5:00:37 AM     (No. 9053010)

I vote for knuckle under again. I wonder if NSA is capturing those phone calls, text messages, e-mails, tweets, etc. between the WH and the judge now. Enquiring minds want to know.

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Reply 16 - Posted by: LadyVet, 12/7/2012 7:56:16 AM     (No. 9053160)

GOP slogan for next election:

GM is dead. Al Qaeda is alive.

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