Micky G. Jagger
Member
- Feb 17, 2009
- 656
- 31
- 16
In a real reorganization, those contracts would be subject to renegotiation. The GM bondholders had a superior claim, which was de facto voided by the pressure the Obama Administration put upon them to settle for less than they should have received under the law. This was a pay off to the union.
Dude, the U. S. Government doesn't control GM's production, distribution and exchange.