Word: detroit
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There's sad news from Detroit. Embattled Chrysler appears to have run out of rope, and has filed for bankruptcy - a course confirmed by President Obama at a Thursday press conference. The reason for the fast fall into Chapter 11 is that some of Chrysler's debt holders refused to take the cash settlement offer put together by Steve Rattner and the Automotive Task Force, the terms of which they found rather harsh...
...same time, an important feature of the latest Detroit dealings is the lopsided favoritism shown the United Auto Workers (UAW). Take the Chrysler plan: Taxpayers were to trade in a $4 billion IOU (i.e., the government loans) for about 5% of Chrysler's stock. The UAW, on the other hand, was trading in a $4.5 billion IOU (related to its VEBA health-care trust for retirees) in return for 55% of Chrysler stock. Does that seem fair? A third group, the secured debt holders, were to trade in a $6.9 billion IOU and get $2 billion in cash - an amount...
...VEBA - so its chips should be marked down as well. (In fact, by law the VEBA's IOU is junior to the bondholders' IOU.) Thus, the VEBA's IOU should not translate into a 39% equity stake but a small sliver of that. (Read about Detroit's attempts to renew itself...
...Jaguars.The only Elis on the NFL radar are Eric Johnson and Nate Lawrie. Johnson was released by the Saints last year before the start of the season to join Lawrie floating in the free agent pool.Penn’s Ben Noll is on the practice squad for the Detroit Lions, while Brown alum Chas Gessner, after getting released by the Seahawks, signed with the Orlando Predators of the Arena Football League, where he scored three touchdowns in their playoff loss to the Cleveland Gladiators.Princeton’s Ross Tucker is, in my opinion, the consummate Ivy Leaguer. After...
Barack Obama may be the first President to actually rival Roosevelt in terms of the sheer number of changes. Only 6% into his 1,461-day term, Obama has already signed a $700 billion stimulus bill, tried to bail out Detroit, lifted a ban on stem-cell research, planned a withdrawal from Iraq, reached out to Cuba and authorized the release of Bush-era torture memos. Oh, and he got a dog. Roosevelt didn't adopt his beloved Fala until the end of his second term...