TheAnvil 0 #1 June 9, 2009 Clicky Allowing unsecured debt to take precedence over secured debt is an absolute travesty of Brobdingnagian proportions. I hope the Supreme Court ensures it never happens on U.S. soil and cans this abomination of a deal. Bankruptcy is NOT a social or economic engineering tool. Vinny the Anvil Post Traumatic Didn't Make The Lakers Syndrome is REAL JACKASS POWER!!!!!! Quote Share this post Link to post Share on other sites
lawrocket 3 #2 June 9, 2009 The stats look like we can see what is going on. Unions getting preference over secured creditors. Of course, the union trust will simply sell off the shares and poscket the cash from it simce there would be a conflict (the trust with an obligation to get the best returns on its stock does not do well with a union that is not interested in company profitability.) While I don't know the BK rules I do know that we could expect to see interest rates for secured debts skyrocket if this makes a precedent. P.s. Note that pension funds are objecting, I'm sure retirees like the thought of their secured debt being treated like a credit card debt. My wife is hotter than your wife. Quote Share this post Link to post Share on other sites
TheAnvil 0 #3 June 9, 2009 Concur with regards to interest rates. This decision will be big - I pray they do the right thing for the rule of law. Unlike in Kelo. That seems to be their last big one and it went badly for anybody who values freedom. Vinny the Anvil Post Traumatic Didn't Make The Lakers Syndrome is REAL JACKASS POWER!!!!!! Quote Share this post Link to post Share on other sites
TomAiello 26 #4 June 9, 2009 QuoteUnlike in Kelo. In my opinion, Kelo was the all time second worst decision ever handed down by the SCOTUS. I actually wonder if we'd be better off with the supremes not taking this case up, because if they do rule for the unsecured creditors, it sets precedent that hurts everyone in the future.-- Tom Aiello Tom@SnakeRiverBASE.com SnakeRiverBASE.com Quote Share this post Link to post Share on other sites
TheAnvil 0 #5 June 10, 2009 Horrid day for America. SCOTUS didn't decide to grant certiorari, and unsecured debt has taken priority over secured debt by government fiat. What a horrid day for anybody with a three digit IQ who cares about the rule of law. I'm disappointed and disgusted. [barf]Vinny the Anvil Post Traumatic Didn't Make The Lakers Syndrome is REAL JACKASS POWER!!!!!! Quote Share this post Link to post Share on other sites
lawrocket 3 #6 June 10, 2009 And the unions are loving it. Not the unionized employees, but the unions themselves. My wife is hotter than your wife. Quote Share this post Link to post Share on other sites
TheAnvil 0 #7 June 10, 2009 Undoubtedly. They've never had America's interests at heart - only their own power and aggrandizement. [barf]Vinny the Anvil Post Traumatic Didn't Make The Lakers Syndrome is REAL JACKASS POWER!!!!!! Quote Share this post Link to post Share on other sites
jerryzflies 0 #8 June 10, 2009 QuoteUndoubtedly. They've never had America's interests at heart - only their own power and aggrandizement. [barf] Unlike Ken Lay, Madoff, Skilling, Kozlowski, Ebbers, Keating and other true capitalist patriots (not to mention the patriotic folks who ran AIG, Indymac, etc. for the benefit of all of us).If you can't fix it with a hammer, the problem's electrical. Quote Share this post Link to post Share on other sites
Gawain 0 #9 June 10, 2009 QuoteQuoteUndoubtedly. They've never had America's interests at heart - only their own power and aggrandizement. [barf] Unlike Ken Lay, Madoff, Skilling, Kozlowski, Ebbers, Keating and other true capitalist patriots (not to mention the patriotic folks who ran AIG, Indymac, etc. for the benefit of all of us). All in jail or dead, and the economy fared very well in their wake...without government intervention.So I try and I scream and I beg and I sigh Just to prove I'm alive, and it's alright 'Cause tonight there's a way I'll make light of my treacherous life Make light! Quote Share this post Link to post Share on other sites
brenthutch 444 #10 June 10, 2009 QuoteQuoteQuoteUndoubtedly. They've never had America's interests at heart - only their own power and aggrandizement. [barf] Unlike Ken Lay, Madoff, Skilling, Kozlowski, Ebbers, Keating and other true capitalist patriots (not to mention the patriotic folks who ran AIG, Indymac, etc. for the benefit of all of us). Snap! All in jail or dead, and the economy fared very well in their wake...without government intervention. Quote Share this post Link to post Share on other sites
TomAiello 26 #11 June 10, 2009 QuoteUndoubtedly. They've never had America's interests at heart - only their own power and aggrandizement. You're channelling Sonia Sotomayor. From the bench (in the baseball strike case), she once observed that the purpose of a union is to promote the welfare of the members at the expense of all non-members. The difference is that she thought that was a good thing.-- Tom Aiello Tom@SnakeRiverBASE.com SnakeRiverBASE.com Quote Share this post Link to post Share on other sites
TheAnvil 0 #12 June 11, 2009 Comparing unions with criminals - quite apropos, given union proclivity for criminal activity. WRT those you mentioned, capitalist patriots they are not - they're criminals who ripped people off. Ahhh! Another similarity to unions! Vinny the Anvil Post Traumatic Didn't Make The Lakers Syndrome is REAL JACKASS POWER!!!!!! Quote Share this post Link to post Share on other sites
kallend 2,150 #13 June 11, 2009 Quote Comparing unions with criminals - quite apropos, given union proclivity for criminal activity. WRT those you mentioned, capitalist patriots they are not - they're criminals who ripped people off. Ahhh! Another similarity to unions! AIG and Indymac were run by criminals?... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
TheAnvil 0 #14 June 14, 2009 The fallout has already started. Clicky Fucktards. This might require congressional action. There just aren't any extant legal structures or precedents for nationalization of companies. Nor should there be, as it should NEVER happen. Disgusting. Unsecured debt should NEVER take precedent over secured debt. [barf]Vinny the Anvil Post Traumatic Didn't Make The Lakers Syndrome is REAL JACKASS POWER!!!!!! Quote Share this post Link to post Share on other sites
TheAnvil 0 #15 June 14, 2009 Possibly. Criminals will always exist in all strata of societies. Look at what the beloved and oh so missed utopia of the left, the USSR, produced with its mobsters. Vinny the Anvil Post Traumatic Didn't Make The Lakers Syndrome is REAL JACKASS POWER!!!!!! Quote Share this post Link to post Share on other sites
