[Pen-l] GM

[fmoseley@xxxxxxxxxxxxx]

It suddenly hit me this afternoon, while thinking about the GM 
situation, that workers are being forced to accept wage cuts, but the 
bondholders of GM debt are not being forced to accept any write-downs 
of the debt?  Is that correct?  Have I missed something?  Maybe some of 
you have already pointed this out,
and I missed it?

If this is correct, it is totally outrageous, and we should be 
screaming like hell.  In normal Chapter 11 bankruptcy proceedings (as I 
understand them), both the creditors and the workers are forced to 
accept cuts.  But in the case of GM, only the workers ? !

If this is correct, how can we get this into the public discussion asap?

Your comments and thoughts would be much appreciated.

Fred


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