Super Bowl commercials are very costly; up to $3 million for thirty seconds of time. This is why Chrysler’s two minute travel log promoting the Democrat-run City of Detroit, which is 30 miles away from its Auburn Hills corporate headquarters, is worth noting. The estimates are that even after some negotiation the price of the ad was more than $9 million. In a very real sense Chrysler’s former bondholders paid for the spot.
Shopping for the “Right” Bankruptcy Court
In July 2009, Chrysler went into bankruptcy and stayed there just long enough to beat its bondholders out of their money. Since Auburn Hills is in Oakland County, Michigan, its bankruptcy cases would ordinarily be handled in the Western Michigan Federal Bankruptcy Court. Nevertheless, the petition was handled in a Manhattan Bankruptcy Court several hundred miles to the east of Chrysler’s mailing address.
You see, the presiding judge in the Michigan District Court is a Reagan appointee, so somehow the petition found its way to Bankruptcy Court in the Eastern District of New York.
The judge handling the case in Manhattan was Robert Gerber, a 2000 Bill Clinton appointee. His boss, Judge Arthur Gonzalez, was originally appointed to a ten-year term by Clinton in 1999. Gonzalez needed to be reappointed by Barack Obama, who needed Chrysler’s case to end “well” for the United Auto Workers (UAW) regardless of who had to be screwed. Gerber got the job done.
When the provisions of Chrysler’s bankruptcy discharge were announced, they were stunning. The UAW was awarded 63.5 percent of the company; and the bondholders were granted pennies on the dollar. For defending their rights, Chrysler’s bondholders were viciously attacked as greedy by Obama and other dishonest Democrats.
In October 2009, just months after the case concluded, Gonzales was re-appointed.
Chrysler’s “Auto Farm”: Where “Workers” Own the Factory
Despite losing $652 million last quarter, as good Democrats, the UAW spent more than $9 million on a travel log propping up the dying Democratic city of Detroit.
Because it owns Chrysler, now the UAW is planning to give $750 bonuses to its members for their good work.
Obama needs Detroit to stay afloat at least until the next election. The UAW paid for Obama’s phony travel log because it has to repay him for getting Gerber to disregard the law and hand it Chrysler.
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