Why the Chrysler plan is probably illegal

By: ashland_avenue (Diary)  |  May 4th at 11:22 AM  | 

Is the plan to reorganize Chrysler Corp. a true sale of its assets or a ‘sub rosa’ plan to recast the company?  A bankruptcy judge is going to have to decide.   Secured lenders are owed $6.9 billion.  The Treasury’s term sheet, which is here   http://www.ustreas.gov/press/releases/tg115.htm. ,  offers these lenders $2.25 billion in cash, proposing to sell all Chrysler’s assets to a new company.  Treasury, the | Read More »