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  •  apparently sec 363 of the code (0+ / 0-)

    is very loosey goosey, and didn't the secured creditors as a class
    vote a plan?

    it's all democratic, if a class majority votes, it carries, and if the majority
    of the classes, vote it carries.

    Now the judge can do a cram down, but it's litigable

    George Bush is Living proof of the axiom "Never send a boy to do a man's job" E -2.25 S -4.10

    by nathguy on Mon Jun 08, 2009 at 10:55:12 PM PDT

    [ Parent ]

    •  it's not "democratic" (0+ / 0-)

      when the government holds a gun to your head and tells you how to vote.  It's a pretty safe bet that the secured creditors did not voluntarily vote away their secured interest . . . and that not all of them got the same bribes from the government.

      It stinks as bad as AIG and Goldman and Citi . . .

      Fake Left, Drive Right . . . not my idea of a Democrat . . .

      by Deward Hastings on Tue Jun 09, 2009 at 12:34:05 AM PDT

      [ Parent ]

      •  if the treasury was offering DIP (0+ / 0-)

        it seems like they carry a very big stick.

        Rather then accuse people why don't you list the
        classes of creditors, amounts owed and how they voted.

        George Bush is Living proof of the axiom "Never send a boy to do a man's job" E -2.25 S -4.10

        by nathguy on Wed Jun 10, 2009 at 02:14:26 PM PDT

        [ Parent ]

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