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September 4, 2011
Will Solyndra's creditors be treated like Chrysler's Bond Holders?
In its wisdom in "investing" stimulus funds, the Obama administration agreed to put Solyndra's investors first in line for any payout in the event of a bankruptcy as reported by Bloomberg: "Taxpayers Rank Behind Solyndra's Investors." One must recall however that in Chrysler's bankruptcy such legal niceties concerning priority of secured creditors vs. unsecured were brushed aside by the Obama administration. Will President Obama on behalf of taxpayers apply the same "rationale" he used with Chrysler's reorganization against Solyndra's creditors? Will the adminstration "threaten" Solyndra's creditors? Will the New York Times advise Solyndra's investors to "stop whining" if taxpayers are put first? I suppose we will see soon enough. (Read Full Post)