"Tom Francis - SWSports" wrote in
message ...
On Sat, 6 Dec 2008 08:42:35 -0500, "Eisboch"
wrote:


"Boater" wrote in message
...


Sorry, but if we can bail out the useless pushers of paper on wall
street
and get absolutely nothing in return, we can help the millions of real
working Americans whose jobs depend on the domestic auto industry. I
don't
buy into the concept that bankruptcy reorganization will work for
Chrysler, Ford or GM.



Most of the members of Congress now realize that in their rush to do
something, they really screwed up the TARP bailout. They won't make that
mistake again.

The fairest and most efficient means to save the auto industry is through
a
government (taxpayer) supported, pre-packaged Chapter 11 filing. They
don't go immediately out of business.
Current workers continue working. But, a federal judge will arbitrate
new
contracts, vendor payments, and the negotiations required to accomplish
these. Government (taxpayer) financial support can be given subject to
specific uses for the money, as overseen by the bankrupcy court.

Exactly.

Perfectly phrased.

But he did decribe chapter 11 as it is. Chapter 7 is out of business.
Chapter 11 is where a judge gets union, management and creditors together
and orders a pan. If a plan fails, then on to chapter 11.

But if they work out a real plan, no BS kind of plan, then they continue
operations and work out of chapter 11.

Chapter 11 is NOT the end of GM, it is however the end of GM-UAW BS.