WHO is the Shooter? (in the Auto Bailout situation)

[Land Shark]

We're told that bankruptcy's not an option for the Big Three, because a Chapter 11 filing would still need DIP financing (Debtor in Possession financing) and, since that's not available, a Chapter 11 reorganization filing would be forced to convert to a Chapter 7 liquidation filing, ending the auto companies.

What's missing from the above analysis is the identity of the "trigger man" that would force a bankruptcy filing in the first place. In order to force a giant company into bankruptcy (and this is true for most individual bankruptcies as well, though not all), the company must be avoiding some worse fate than bankruptcy court. Usually this trigger is an imminent repossession of key equipment, a foreclosure, etc. If suppliers convert to C.O.D. terms and such that will not be cured by bankruptcy so it can't be a trigger for a bankruptcy filing.

So, WHO IS THE SHOOTER, WHO IS THE TRIGGER-MAN who would flush a million jobs per company? What do they have to gain? Are their kids really going to go hungry without immediate satisfaction by one of the Big Three? Why isn't the trigger man at the negotiation table making concessions? (Instead, it seems others are at the table in order to feed the trigger man).

Bottom line: Somebody has to be aiming to take these companies out in order for their to be such a crisis. Is it really necessary for them to be so aggressive?

[Land Shark]

1. We're rendered defenseless against upward wealth transfers if we can't call it 'class war' nt

[Land Shark]

2. In other words, WHO is pressuring the big three or any one of them into bankruptcy??? nt

[2 Much Tribulation]

3. Is it a bank with priority secured interests or something? A hedge fund? I dunno! K&R nt

[Land Shark]

4. A secured creditor of some kind, need more details... nt