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...Next, look at GM's offer. The unsecured bondholders are owed $27 billion by GM, and they are being asked to trade that IOU for a 10% equity stake. The UAW's VEBA trust, on the other hand, is trading in a $10.2 billion IOU and getting a 39% equity stake. If these were poker chips, you could say the croupier has arbitrarily decided to value bondholders' chips at 37 cents apiece and the UAW's VEBA chips at $3.90 each...
...brainchild of Jim Burnstein, a screenwriter who teaches in the University of Michigan's Film and Video Studies Program. He grew tired of watching his students decamp for New York City and Los Angeles on graduation. The Michigan Film Commission, of which Burnstein is a member, had been "looking into how to attract Hollywood," he says. "But this wasn't just about bringing money into the state. It was a matter of the taxpayers we were already losing." Tena Constas is one of those prodigal Michiganders, a location scout for Betty Anne Waters who recently moved back after five years...
...Burger: A Behind-the-Counter Look at the Fast-Food Chain That Breaks All the Rules By Stacy Perman Collins Business; 345 pages...
...diverse and eclectic. How do you gauge the influence of a molecular biologist vs. that of a politician, weigh the relative impact of a tennis player and a fashion designer or an architect and a minister? You can't, of course, and we don't try. But we look for people whose ideas, discoveries, talent and, yes, power shape and transform our world. These are our modern stars who shape our destiny...
...testimony to our strength of spirit that we embrace a new frugality forced upon us by the economy [April 27]. But will this renunciation of excess continue beyond the current crisis? Look how quickly sales of big trucks and SUVs rebounded once gas prices dropped. Smaller, greener vehicles were so much more attractive when our pocketbooks were under attack. Similarly, McMansions have gobbled up farmland--and now we're stuck with them for decades to come. Let's hope that when the world economy recovers, the monster vehicles will remain on scrap heaps, builders won't build monstrosities and people...