Friday, October 16

Bankruptcy courts: ignore Chrysler bailout

Via NM:
[The NHL lawyer] barely got the word “Chrysler” out of his mouth before Judge Baum interrupted: “Let me say something about these two cases [the Chrysler and General Motors bankruptcies],” Judge Baum said during the Sept. 10 hearing, according to a transcript. “You know, those two cases were so unusual that I’m not sure how helpful the precedent of those two cases is to this court or any court. When the United States government comes in and says, ‘I’m going to buy’ what at one time was the biggest company in America… I mean, I had to get a little smirk when I thought of that poor pension manager from Indiana who was trying to fight that. It was kind of like the gentlemen in Tiananmen Square when the tank came rolling.”

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