Those holding 92 percent of the $6.9 billion in secured debt already approved a deal that would give bondholders $2 billion. Together, Indiana pension funds said they had $42 million invested in Chrysler, less than 1 percent of its secured debt. They paid about 43 cents on the dollar to acquire their share and, under Chrysler's plan, would get back 29 cents on the dollar.So $42 million is chump change. And the rule of law? No time for that! It's an eeeemmmmerrrrrgenceeeeee.
The bankruptcy judge said, in effect, that these small players should not stand in the way of a deal that could save Chrysler and keep the company in business making cars and trucks.
June 9, 2009
"Lawyers for the Obama administration warned the court Monday against standing in the way. They said Chrysler was losing $100 million a day."
Okay. But, now, wait. $100 million. I forget. That's a lot of money, right? We're supposed to think that when we're supposed to think that. But at other times, $100 billion is hardly worth noticing.