Simple purchase and sell agreements should be OK for a while, but major contracts are seemingly moot.
Secured bond holders were sidestepped in the Chrysler takeover and sale, with the union getting a majority ownership position with an unsecured interest. They were intentionally leapfrogged over the bond holders. Their rights were ignored.
When a suit challenging this was finally presented to the Supreme Court on Tuesday (I'm wondering why it took until the 11th hour for this to happen), Justice Ginsberg agreed to a temporary stay of the sale, but the Court passed on making a meaningful ruling.
The U.S. Constitution is the chief contract in the land. It is largely unenforced. Multi-generational car dealerships are terminated. Bond holder rights are overlooked.
We are supposed to be a nation of laws. Did I miss something?
Secured bond holders were sidestepped in the Chrysler takeover and sale, with the union getting a majority ownership position with an unsecured interest. They were intentionally leapfrogged over the bond holders. Their rights were ignored.
When a suit challenging this was finally presented to the Supreme Court on Tuesday (I'm wondering why it took until the 11th hour for this to happen), Justice Ginsberg agreed to a temporary stay of the sale, but the Court passed on making a meaningful ruling.
The U.S. Constitution is the chief contract in the land. It is largely unenforced. Multi-generational car dealerships are terminated. Bond holder rights are overlooked.
We are supposed to be a nation of laws. Did I miss something?
For more information about my consulting, teaching, and coaching services visit my website at stevehoffacker.com. I also maintain a blog (Sales Quips) on the real estate network Active Rain, and you can begin participating in this great forum by visiting here. I also write and maintain blogs for Gold Coast SMC and Florida SMC. © 2009, Steve Hoffacker. All Rights Reserved.
0 comments:
Post a Comment