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No Comments [ Add Comment ]Automakers should consider Chapter 13
The Big 3 U.S. automakers had asked us common folk to pass the hat and loan them a few billion dollars. That way, they could get back to doing business as usual. Wait a minute, wasn't it business as usual that got them in their mess?
I noticed that Hummer, Toyota, Mazda and Honda, to mention only a few, were not asking for loans to stay afloat.
The "big three" said that going bankrupt is not an option. I have found that when one is lying flat on their back, one's options are diminished considerably. Hence, I do not favor the loans. Instead, I suggest that they consider Chapter 13 bankruptcy, which keeps creditors at bay until they can restructure their business plans, practices and get up from off their collective backs.
Hand outs, even as loans, just don't seem to get it done. Look at the mockery AIG has made following their billions of dollars of loans.
Dean Roberts
Layton
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