Chrysler holdout changes mind on settlement offer

[Bozita]

Source: Detroit News

Thursday, April 30, 2009
Chrysler holdout changes mind on settlement offer
Gordon Trowbridge / Detroit News Washington Bureau


Washington -- One of the investment firms singled out Thursday for blocking Chrysler's restructuring now says it would accept the Obama administration's offer.

It wasn't yet clear whether the change of heart by Perella Weinberg Partners could change the course of Chrysler's restructuring. The decision, announced in a written statement, came hours after the automaker filed for Chapter 11 bankruptcy protection.

"The Perella Weinberg Partners Xerion Fund has today agreed to the Chrysler Settlement offer extended yesterday to the Secured Lender Group," said the statement. "We believe that this is in the best interests of all Chrysler stakeholders, and our own investors and partners. We are working with other non-TARP lenders to encourage broad participation in the settlement."

Politicians from President Barack Obama on down Thursday criticized a small group of holdout lenders for blocking an out-of-court restructuring. Sen. Debbie Stabenow, D-Lansing, named Perella and two other management firms -- Stairway Capital Management and Oppenheimer Funds -- as the main holdouts.

Read more: http://www.detnews.com/article/20090430/AUTO01/904300508/1361/Chrysler-holdout-changes-mind-on-settlement-offer

[lamp_shade]

1. I'd venture to guess that I'm not the only DUer who saw this coming.

[freemarketer6]

4. I saw it too. Those small lenders would get nothing if they go

C11. What is the term is BK where the creditors are subordinated? I can't remember. Were the hedge funds the bondholders themselves or were they representing the bondholders through hedges.

[Thrill]

2. LOL. Obama called their bluff. They thought Obama was bullshitting about Bankruptcy

[Pirate Smile]

3. Some people still just don't get him. It cracks me up. He is reasonable but has no patience for

people trying to take advantage of that reasonableness.

Here is the video of him explaining this about himself - Obama "I'll crush them".


Flashback: Staying tough while extending an olive branch
Barack Obama in late 2007:

http://www.dailykostv.com/w/000339/

[Pirate Smile]

5. OK - I finally found video that works and edited to fix it.

http://www.dailykostv.com/w/000339/

[Aloha Spirit]

6. this is great

thanks for posting!

[Pirate Smile]

9. I posted a thread with the video because it seems to fit today.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=132&topic_id=8383423&mesg_id=8383423

[The Magistrate]

7. Cute Of Them, Sir, But Way Too Late

Examples must be made, and people who put their head up into the noose will do for the start....

"I said it sounds like you could have made the deal, I didn't say you could make a deal with me. I've come up here to shoot me a bear!"

[ConcernedCanuk]

12. CONGRATULATIONS Sir - 70,000 posts today

.
.
.

70,000 Posts

Where IS that ***milestones*** guy when you deserve him

congratulations

SIR

:thumbsup:

[The Magistrate]

13. Thank You, Sir: I had No Idea

[BeatleBoot]

8. What makes great comedy?

Timing.




These folks are hilarious and stupid.

[DrToast]

10. I guess CNBC will apologize to Obama now

They were all spouting about how the hedge funds were only protecting their interests.

[SpartanDem]

11. This should be a warning

to gm bondholders that he isn't playing around.

[liberal N proud]

14. Must have been afraid the deal they would have been cut

would be much worse.

Fucking bastards.