Chrysler Bankruptcy Plan

Where are the lawyers? This seems like WW-II era Italy

Chrysler Bankruptcy Plan Is Announced - NYTimes.com:
"WASHINGTON — President Obama forced Chrysler into federal bankruptcy protection on Thursday so it could pursue a lifesaving alliance with the Italian automaker Fiat, in yet another extraordinary intervention into private industry by the federal government.
. . .
The arrangement came after an intensive round of White House-sponsored negotiations among the Treasury Department, the union and Chrysler’s executives and creditors. After working through the night, a small group of debtholders balked at Mr. Obama’s final terms, leading the president to decide that bankruptcy could not be averted.

It was a stark moment, and one unseen in modern times, as the fledgling president deepened his involvement in a struggling but iconic American company. Chrysler, which Mr. Obama called “a pillar” of the industrial economy, invented the minivan and owns the Jeep brand.

With Thursday’s filing, Chrysler became the first major American automaker to seek bankruptcy protection since Studebaker did so in 1933."