“UAW does not have a secured interest in Chrysler. What BHO or Totus is trying to do is rewrite the federal bankruptcy statute with Al Capone tactics.”

Actually the union pension plan and the retiree medical benefits have special protection under Sections 1113 and 1114 of the bankruptcy code which generallty requires that such benefits cannot be terminated or modified unless such is absolutely necessary to permit the reorganization of the debtor. The stock in Chysler is going to a UAW controlled trust to pay its retiree medical benefit obligation. In a chapter 11 bankruptcy, these benefit obligations are generally going to do much better than the secured creditors as the 1113 and 1114 bar is very high.

Phil says:
May 7, 2009 at 10:36 pm
“My comment was intended as dry humor”

My reply was intended to be even dryer still. I’ll attach a snark tag next time

There’s really no need for you to do that, as you’ve quite clearly and obviously proven yourself to be a commenter of less than goodwill and candor.

-Phil

My reply was intended to be even dryer still. I’ll attach a snark tag next time

Please read the bankruptcy code before you make a non-sensical response. In the federal bankruptcy code, it specifically states that SECURED CREDITORS (those who have contracts attached to collateral) get their debt paid off at 100% (or get first tabs on the bankruptcy estate property).

I’m glad you chose to qualify the statement in parenthesis. Because if you are actually a lawyer, then you know full well that nobody is guaranteed to get their debt paid off at 100% in a bankruptcy.

This is a Chapter 11 bankruptcy, and creditors don’t really have a legal right to even offer their opinions on the bankruptcy plan for 120 days. Of course, here they are trying to get their opinion in the press by making goofy accusations, but I assure you the court does not care. If Chrysler proposes a plan acceptable to the court prior to that 120 days (and such a plan often includes payouts to secured creditors at something less than full value), then the secured creditors get to vote on it with everybody else. It may work out for them, it may not. It’s a bankruptcy. All bets are off.

And nobody is guaranteed anything.

Phil says:
May 7, 2009 at 1:00 pm
“Tread lightly”

Sorry, that was I. Could be you share some beliefs with us DFH’s! Some day we’ll all be together, holding hands, singing kumbaya, watching the sunset….( ok, ok, I’ll stop, I know you want to keep your lunch down.)

I forgot — you’re very literal. My comment was intended as dry humor. Obviously I didn’t emoticon-ize it to make it overtly so.

-Phil

Next, come priority claims like tax liens, student loans, etc… Then, you have unsecured creditors.

UAW does not have a secured interest in Chrysler. What BHO or Totus is trying to do is rewrite the federal bankruptcy statute with Al Capone tactics.

Well, he thinks, since he got elected (or defrauded) as POTUS by ignoring the natural born citizen clause, it gives him a right to just ignore every freakin law we have.

Well, like Chester Arthur, he better hope he can hide and burn more of his records than think people who have secured interests are going to lie down for The One. Even King Abdullah will not help him on that.

Simple lesson, don’t mess with Americans and their money or they will take out vengeance on you for real.

Has 6 months occurred yet?

http://www.supremelaw.org/cc/fox2/insolvency.htm

Sorry, that was I. Could be you share some beliefs with us DFH’s! Some day we’ll all be together, holding hands, singing kumbaya, watching the sunset….( ok, ok, I’ll stop, I know you want to keep your lunch down.)

I am glad that you point out that religion doesn’t matter, as you know there is no religious test for holding political office in the US.

Tread lightly. You never know when someone could accuse you of agreeing with a “right-wing fringe extremist.” Especially DHS.

-Phil

He didn’t. I didn’t say he did. He alleged the Catholic Church had a document that testifies that Obama went by the name Soetoro, was adopted by Soetoro and was a muslim. My point was that the Catholic church wouldn’t keep such a “document” at all about anyone, and particularly not about people who were never Catholic. The only records the Catholic Church keeps are baptisms, first communions, confirmations, marriages, holy orders and death record. Of members. No adoption records, no records of legal names. I was calling out Laugh for making up stuff.

I am glad that you point out that religion doesn’t matter, as you know there is no religious test for holding political office in the US.

Obama was never a Catholic, his mother and father weren’t Catholic.

Where did That’s Laugh ever make that claim?

My suspicion is that Barack Hussein Obama is a Muslim at heart, not a Christian. There’s nothing unconstitutional about that, and he can believe what he chooses, but I do find it funny people get so upset when the label “Muslim” is in any way connected with the man.

-Phil

Oh, Laugh, keep those laughs coming. Where do you guys get this stuff? Obama was never a Catholic, his mother and father weren’t Catholic. Why in the world would the Catholic Church have a document ‘testifying’ about Obama? The reason the “he’s not eligible” crowd is so easily scammed is because you suspend your test of reasonableness for anything that is negative about Obama. Or are you exaggerating the content and significance of a copy of a handwritten piece of paper that is purported to be from a Catholic school record book? Priceless.

And those emails from the Nigerian businessman that wants to give you $100,000? Those are a scam Laugh.

There is a world of difference between satire and rumor. Satire is not true. Not even remotely. It is a literary device that uses circumstances so bizarre that it could not possibly be true to prove a point. Directly from Merriam-Webster:

1 : a literary work holding up human vices and follies to ridicule or scorn
2 : trenchant wit, irony, or sarcasm used to expose and discredit vice or folly

I do not believe that what you said is farfetched. Maybe Montana knows something we don’t…