As for the memorandum, the "systemic failure" propaganda is reaching epic fail proportions. The memorandum even has a transcript from Peck's debilitating platitudes from when he thought he was a wife-beating God in charge of the grandest bankruptcy case of all time with Lehman (kinda goes double for Harvey).
In short, the 363 Transaction -- and only the 363 Transaction -- avoids systemic failure and provides a genuine opportunity for the business to survive and thrive in an economically viable entity, and, in the process, to maximize value for all of its stakeholders and stabilize and foster both consumer and market confidence. There simply is no other alternative: there is no other purchaser to buy the business; no investor to capitalize the business; no other financing source for the long term; not even another source to provide financing for a chapter 11 case. [except stupid U.S. taxpayers who now pay the UAW's salaries and medical copays]. The Debtors therefore request that the Court approve the 363 Transaction expeditiously and ensure, in the words of President Obama, that “the cars of the future are built where they’ve always been built -- in Detroit and across the Midwest -- to make America’s auto industry in the 21st century what it was in the 20th century -- unsurpassed around the world.” Barack H. Obama, U.S. President, Remarks on the American Automotive Industry, at 7 (Mar. 30, 2009).Sphere: Related Content Print this post