Word: chaptered
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...Picard, in his late 60s, is a rare bird in the quiet world of bankruptcy trustees, a blend of a traditional Chapter 7 bankruptcy panel trustee (of which there are 1,200 in the U.S.) and Securities Investment Protection Act (SIPA) trustee...
...that's if things go according to plan. Holders of $27 billion in GM bonds have refused the company's debt-for-equity swap, making bankruptcy all but inevitable. For purist capitalists, the lasting significance of GM's pending Chapter 11 (and Chrysler's bankruptcy, filed a month ago) is the overwhelming intrusion into the private sector by Barack Obama and his auto task force at Treasury. "The day they fired the CEO of General Motors" - Rick Wagoner was dismissed by task-force co-chairman Steve Rattner in late March - "is a day we will look back on with great...
...Politics of Haircuts GM followed Chrysler toward bankruptcy like the next car on a roller coaster. The path was clear: if Chapter 11 was necessary to restructure the smaller, privately owned company, it would surely be needed to resolve the troubles of the publicly held behemoth. But simply seeing where things were headed didn't change the fact that it would be a wild ride...
...meeting. They bounced around ideas and came up with a campaign to raise money to place ads on buses in the handful of Indiana cities with populations over 50,000. But that was turned down by the public transportation system in Bloomington (pop. 72,254). The local chapter of the American Civil Liberties Union has since filed a lawsuit on First Amendment grounds. Indianapolis' public transportation system also declined. Michael Terry, its chief executive, pointed to a policy barring ads "involving or referring to political, religious, moral or environmental issues subject to public debate." Terry says, "It costs...
...Once GM comes out of Chapter 11, if it does, the U.S. government - or more accurately, the taxpayers - will own 70% of GM, and the UAW will own almost 18%. GM will have become a ward of the state...