Noid: You claimed GM did not file bankruptcy, and made that claim repeatedly. As I said before your claim was patently false. And it now appears you knew your claim was false and you were knowingly lying to further your political agenda.
I do not care to discuss the nuances of bankruptcy law with you, but I will point out your latest restatement is obviously false as well, as any affected creditor in the (now admitted by you) GM bankruptcy had the right to appeal and out of the multitude of creditors involved none filed a successful appeal.
Again claiming that the GM bankruptcy was in anyway normal either shows a complete lack of knowledge of general corporate bankruptcy, or simply that you are trying to paint a one sided argument.
As stated numerous times in the thread discussing the bankruptcy I used the term non-bankruptcy, should I have instead used the term false bankruptcy, would that have been a better choice?
In the events of actual GM preceding the company would have been liquidated as the concessions forced upon the stake holders were higher than they would have received under liquidation. Due the considerable speed of the prepackaged option, the fact that GM debt was held considerably by retail accounts, the fact that GM was allowed into the TARP program and that that the US Treasury was debtor in possession changed how a normal filing took place. The prepackaged bankruptcy, deviated considerably from normal progression in that again the US Treasury was involved.
This is not an attempt to be politically motivated.
I will be politically motivated, I wholeheartedly agree that the TARP should have been used for the automakers (they are IMO a key industry, even as poorly run as they were during the time of huge SUV's and HELOC's). However the bondholders were considerably impaired compared to how a normal bankruptcy would have transpired, right or wrong.
Also, assuming you actually do work in any bankruptcy related field you know 100% based on the large holdings of GM debt by the retail investor, there was no chance that we would see any appeal work out. We would have to see a large group of the individual holdings join together in some form of CAC, and litigate an appeal. We would also see the Treasury with near limitless capital on the other side of the argument for the prepackaged option. If we would have seen a single or small group of motivated distressed investors, then we would have seen at least a chance for appeal. However, they would have still faced the US Treasury.
You can discuss the nuances all you want, however this wasn't a true bankruptcy, nor should it/could it have been.