Does anyone else find it two-faced for the state of Indiana to argue so passionately for Chrysler liquidation?
Although their argument is couched in the idea that property owner rights are being trampled by the bankruptcy court, the truth is that the pension plans making the noise knowingly bought distressed debt for 43 cents on the dollar, and now are arguing that they should be paid off in full.
Indiana is EMBARASSING themselves, as well as insulting and emperiling the rest of us. Indiana is also the home of the RV industry. Centered around Elk Hart this industry is suffering just like ours. Should we take the approach with RV manufacturers and suppliers of "liquidate and find something else to do"?
The Indiana pension funds bought $100 million dollars of debt. They paid $43 million for it. They have been offered $29 million. Yes it is a loss, but not a devastating loss. Comparatively speaking it isn't even worth mentioning when viewed along side the hit taken by Mom and Pop who own stock in GM, or the Dealers and families who work for terminated dealerships.
Indiana is no different than any other state. The pensions in question are world class. The benefits package is among the best. Do a comparative study between those in Indiana complaining and the very best pension and benefits package of Dealership employees and it becomes very hard to not want to slap these greedy people who want us liquidated so they can remain unscathed..