Cat - astrophe
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The Supreme Court will hear the case of the bondholders in the Chrysler bankruptcy. As is stands, the UAW (a lesser entity) takes precedence over the bondholders and the taxpayers. Under the terms, the UAW will only lose about 13%, while the bondholders will lose about 85% of their investment.
Bondholders have the Constitutional legal right to be paid first, and the UAW contracts should be null and void under existing bankruptcy laws.
Will the Supreme Court uphold the Constitution and thereby give the Obama Administration a strong message about usurping power that does not belong to them, and voiding existing laws, in order to pay their political obligation to the unions?
What "Pandoras Box" will be opened if the Supreme Court allows the bankruptcy of Chrysler and the Fiat sale to proceed as dictated by the Obama administration?
Bondholders have the Constitutional legal right to be paid first, and the UAW contracts should be null and void under existing bankruptcy laws.
Will the Supreme Court uphold the Constitution and thereby give the Obama Administration a strong message about usurping power that does not belong to them, and voiding existing laws, in order to pay their political obligation to the unions?
What "Pandoras Box" will be opened if the Supreme Court allows the bankruptcy of Chrysler and the Fiat sale to proceed as dictated by the Obama administration?