What bankruptcy could do for GM
[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/US/04/14/gm.recall/art.gm.logo.afp.gi.jpg]
Jay Westbrook
Special to CNN
The screams produced by the Chrysler bankruptcy are nothing compared with the howling that will accompany General Motors' bankruptcy filing as various creditors claim that the case is going too fast and their rights are being trampled.
But rough justice in the interest of speed is a common trade-off in the world of bankruptcy. The real question is whether even Chapter 11 of the bankruptcy law can quickly process a company the size of GM.
Bankruptcy has two central purposes: maximization of value (including community values) and fairness of distribution of that value. The number one job is to preserve the largest possible pie, then to figure out who gets what slice.
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Filed under: 360° Radar • auto bailout |
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True, to resolve bankruptcy , is difficult. Taking account of debtors and creditors, deciphering encumbered and unencumbered assets and sorting out each one's due are some of the tasks ahead. GM ,is sinking and bankruptcy will close its existence.
My comment is this: How do the US Citizens working for GM feel about Mexico, europe and Asia not being effected by this bankrupcy? If this happened to me personally and I was in the room listening to the President of GM answering the Mexican official's question regarding how this bankrupcy will effect Mexico GM plants and workers and heard the response I would have let out a roar for WHY WHY WHY – we are US workers and we have lost our jobs to non US workers.
Bottom line – this is not right!!!!!!!!!!!!!