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<blockquote data-quote="brett636" data-source="post: 771508" data-attributes="member: 249"><p>Wrong. Bankruptcy laws are setup so companies can remain in business while they re-organize their debt. Under bankruptcy protection both companies could have continued producing cars while they reduce loan payments, renegotiate labor contracts, and setup new terms with their suppliers. Neither company needed those loans, and we wouldn't have a leftover stigma in the bond market from when Obama forced bondholders to be the last to get paid when by law they should have been first. The loans were a bad idea, the subsequent bankruptcies and the boondoggle they came will be not forgotten soon. Quite frankly if a company is not organized well enough to handle the worst of times they don't deserve to enjoy the best of times.</p></blockquote><p></p>
[QUOTE="brett636, post: 771508, member: 249"] Wrong. Bankruptcy laws are setup so companies can remain in business while they re-organize their debt. Under bankruptcy protection both companies could have continued producing cars while they reduce loan payments, renegotiate labor contracts, and setup new terms with their suppliers. Neither company needed those loans, and we wouldn't have a leftover stigma in the bond market from when Obama forced bondholders to be the last to get paid when by law they should have been first. The loans were a bad idea, the subsequent bankruptcies and the boondoggle they came will be not forgotten soon. Quite frankly if a company is not organized well enough to handle the worst of times they don't deserve to enjoy the best of times. [/QUOTE]
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