Re: More Taxpayer Bailouts...
It's always a possibility, but I would be surprised. I just glad they won't be filing HERE. I don't want to be the law clerk on that monster case!! I'd never see daylight, I'd be so buried in work.
If they file for BK, that would be a GOOD thing. They could get protections from creditors, possibility offload their pension obligations to the PBGC. Bankruptcy is, in a way, a taxpayer bailout of a corporation, but it is a much more organized way to do it that FAR better protections the creditors' interests and the taxpayer dollars.
I don't mean to sound like I want to see Michigan suffer any more than it already is. That's not it at all. I grew up in Pittsburgh during the early-mid 80s. I know all about how the collapse of an entire industry can devastate a community. But Pittsburgh rebuilt, and so can Detroit--around either a much-improved (and probably smaller) auto industry, or eventually around another field.
Originally posted by Sheherezade
If they file for BK, that would be a GOOD thing. They could get protections from creditors, possibility offload their pension obligations to the PBGC. Bankruptcy is, in a way, a taxpayer bailout of a corporation, but it is a much more organized way to do it that FAR better protections the creditors' interests and the taxpayer dollars.
I don't mean to sound like I want to see Michigan suffer any more than it already is. That's not it at all. I grew up in Pittsburgh during the early-mid 80s. I know all about how the collapse of an entire industry can devastate a community. But Pittsburgh rebuilt, and so can Detroit--around either a much-improved (and probably smaller) auto industry, or eventually around another field.
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