The news story:
For General Motors Corp., the task at hand is so difficult that experts say a Chapter 11 bankruptcy filing is all but inevitable.
To remake itself outside of court, GM must persuade bondholders to swap $27 billion in debt for 10 percent of its risky stock. On top of that, the automaker must work out deals with its union, announce factory closures, cut or sell brands and force hundreds of dealers out of business – all in three weeks.
“I just don’t see how it’s possible, given all of the pieces,” said Stephen J. Lubben, a professor at Seton Hall University School of Law who specializes in bankruptcy.
And I don’t see how it is desirable – except, of course, for the Democrat party which needs the cushy, union contracts in order to keep bags of campaign money flowing in. The big question: in order to keep liberalism afloat, should the taxpayers be on the hook for GM’s problems?
Discuss
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