dtw2hyd wrote:tommy1808 wrote:dtw2hyd wrote:but it was a bailout supported pre-packaged bankruptcy and Obama/Dems didn't allow many union cuts. .
Why would they? They don´t mandate pay hikes in good times either...... that US companies can get out of past commitments towards the labor force at all is the real scandal. Get their informed consent or go chapter 7. Governments can give a bailout, they have no place in employee related money flows. Unless you are complaining that the democrats are not socialist enough....
If this was a true Chapter 11, not a sub-section 363 sale, the union would have got much less.
If you can´t make an agreement with your workforce, and the government has to stay out of it, there shouldn´t be Chapter 11 available to the company, only Chapter 7.
Chapter 11 in its totality is nothing but government backed expropriation of other peoples stuff and money.