More on White House's Strong-Arming of Chrysler Hedge Fund Hold Outs 58 comments
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In an interview of momentous importance, WJR's Frank Beckmann interviews Tom Lauria, the Head of Restructuring at top five law firm White & Case, in which the lawyer, who represents Chrysler hold-out hedge funds Stairway Capital and Oppenheimer Funds, discusses on the record the amazing treatment by the White House of Perella Weinberg, which initially had been a transaction hold-out but after threats by the White House (not my words) was forced to drop their objection and go with the administration. Says Lauria:
One of my clients was directly threatened by the White House and in essence compelled to withdraw its opposition to the deal under threat that the full force of the White House press corps would destroy its reputation if it continued to fight...That was Perella Weinberg.
In the clip below, fast forward to the two minute mark, where the Obama administration's negotiating tactics become very, very clear.
What is very odd is that Perella Weinberg could possibly have veered away from the administration's path in the first place: Zero Hedge readers know that P-W is the very firm advising the rapidly sinking FDIC "on transactions and strategies to stabilize the banking system, and also on the proper way to dispose failed institutions and how to handle delinquent securities assumed from banks, as well as the creation of the aggregator bank."
This leads to the conclusion that this was really the work of one Dan Arbess, who runs the recently acquired by P-W, Xerion Capital, but nonetheless does not explain the lack of strategic integration at this most critical of advisors to Sheila Bair, and by implication the U.S. administration. How is it possible that one's core advisor would go against its client, even if offset by a Chinese Wall, is likely the big story here, and speaks volumes about the chaos behind the scenes currently occurring with regard to Wall Street's sentiment for the ruling administration.
Incidentally, Zero Hedge is considering launching a FOIA to Ms. Sheila Bair
to disclose the compensation structure for Perella Weinberg as it continues to advise the FDIC on the "proper" shuttering and liquidation of bank after bank. After all, we have already seen 31 bank failures for 2009 , a number that will likely hit the 100s, and it is every taxpayer's right to understand the motivations behind Perella-Weinberg's recommendations to the FDIC and to the White House, especially ahead of next week, when the stress test results could potentially lead to the closure of some of the "too big to fail" systematically important financial institutions.
The full interview with Tom Lauria below is a must hear for everyone as it discloses not only the administration's strong arming tactics in black and white, but also discloses some other critical facts that the president on his regular TV appearances has failed to mention such as:
- First lien holders were willing to accept a 50% discount on their positions, however the 71% demanded by the administration was seen as too much.
- The cash going to Junior claims (creditors below the first liens) will be between $10 and $20 billion, a number which in practice should satisfy a par recovery for the 1st liens if the Absolute Priority Rule was actually withheld.
- Among the creditors are not just vulturous hedge funds but "pensioners, teachers, credit unions, college endowments, retirement plans, and personal retirement accounts."
In conclusion, Lauria summarizes the developing Chryslerf#%k best:
The President is trying to abrogate contractual rights; if he will attack that contractual right, what right will he not attack?
Hat Tip Steve
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This article has 58 comments:
The irony is that O'bama idolizes FDR. Well, as FDR II he is doing a damn fine job of giving us the GD II. The fascist playbook has been dusted off and the administration is executing right on schedule. Obamanomics in all their glory.
The markets have a long, deep decline still ahead. We are still in the disbelief stage (all the green shoots talk, cetin posts, short antagonizing, etc.). Fear and despair still have yet to make an appearance.
As an aside, I watched Barney Frank on Bill Maher last night and was just aghast. The man has no conscience. He did not even take a shred of responsibility for any of the current predicaments even though he is on record as wanting to "push this housing thing a little farther." He was instrumental in the housing fiasco and yet blamed Bush for everything, or the "fake" Democrats in Congress. The other guest even tried to call him out on it and he completely passed the buck along.
And yet, the audience cheered him. If Barney Frank is still getting applause then we have a ways to go before anything gets fixed.
Just my $.02
MM
The rule of law is fading behind us in the rear view mirror.
Goodbye Republic. Hello cult of personality.
I am Independent as I imagine most on this site probably are as well. The dual party system we certainly shares a lot of the blame for our current mess.
MM
The sheeple had better wake-up quick but I am not expected them to do so as they have drunk the Koolaid. Welcome to the USSA!
(Dear lunatic left - please read the following before attacking me)
fas⋅cism /ˈfæʃɪzəm/ Show Spelled Pronunciation [fash-iz-uhm]
–noun 1. (sometimes initial capital letter) a governmental system led by a dictator having complete power, forcibly suppressing opposition and criticism, regimenting all industry, commerce, etc., and emphasizing an aggressive nationalism and often racism.
Of course, corporate-finance lawyers never exaggerate to make their clients look good, right?
But in this case, it's an ex-client who fired the lawyer. According to Lauria, it was because the ex-client was "threatened with the full force of the White House press corps." HUH? The press corps represents a hundred or more separate media companies; they are not under the control of the president. The worst the press can do is report a story which could embarrass a client (or an inept lawyer). Why is Lauria so terrified of this possibility?
On the other side of the interview, the talk show host is a guy who has asserted that global warming is a hoax. Not my idea of a clear-thinking, objective source. If Lauria had a real story, he should have found a more credible way to present it.
What happens to the GMAC bonds -- does anybody know ?
Roy
I use to enjoy Beckmann back when he did sports play-by-play, and even when he started in mid-morning radio. But now he is just a biased warm-up act for Rush. So it is no surprise to me he puts on people who might sensationalize a story, or give a completely biased perspective of what might have happened.
Don't see this one as a major story.
But keep up the good work just the same Tyler.
Printing up some extra cash to attempt to stave off deflation and prop up the banking system and the economy, ok, we've been doing that since Volker left the Fed. But this is ridiculous.
Stock holders are being diluted; bond holders are getting the shaft; and those dollars in our pockets are being diluted. Faith in the value of financial assets like stocks and bonds has been wounded, not by trades gone awry, but by Government directly intervening in the capital markets and in corporate governance.
You now have the President of the US firing CEOs, determining the outcomes of bankruptcies, and the Treasury won't allow banks to pay back TARP funds, to keep these banks under the direct control of the Government.
You can't seriously invest in the financial instruments of any company that is or could be in the cross hairs of the Federal Government. Maybe that's why tech has caught such a nice bid lately; and why energy and health care stocks have been such laggards (they're next).
Alan:
"a guy who has asserted that global warming is a hoax. Not my idea of a clear-thinking, objective source."
???
Perhaps this is not the venue to open that can of worms, but seems to my the reverse is true.
I wonder how many UAW workers purchased these bonds?
Does anybody know what is going th happen to the GMAC bonds ?
Hershey in NY
From Wikipedia:
The word ‘Fascism’ is almost entirely meaningless. In conversation, of course, it is used even more wildly than in print. I have heard it applied to farmers, shopkeepers, Social Credit, corporal punishment, fox-hunting, bull-fighting, the 1922 Committee, the 1941 Committee, Kipling, Gandhi, Chiang Kai-Shek, homosexuality, Priestley's broadcasts, Youth Hostels, astrology, women, dogs and I do not know what else... almost any English person would accept ‘bully’ as a synonym for ‘Fascist’. – George Orwell, What is Fascism?. 1944.
Richard Griffiths argued in 2005 that the term fascism is the "most misused, and over-used word of our times".
On May 02 02:57 PM yellowhoard wrote:
> Am I the only person here that recognizes fascism.
>
> The rule of law is fading behind us in the rear view mirror.
>
> Goodbye Republic. Hello cult of personality.
-- Communist Manifesto
Step into the professional realm as it's how we are fed.
You do not even know yet what you don't know.
On May 02 04:42 PM Alan Young wrote:
> I usually agree with Tyler, but this one looks like a stinker.<br/>
>
> Of course, corporate-finance lawyers never exaggerate to make their
> clients look good, right?
>
> But in this case, it's an ex-client who fired the lawyer. According
> to Lauria, it was because the ex-client was "threatened with the
> full force of the White House press corps." HUH? The press corps
> represents a hundred or more separate media companies; they are not
> under the control of the president. The worst the press can do is
> report a story which could embarrass a client (or an inept lawyer).
> Why is Lauria so terrified of this possibility?
>
> On the other side of the interview, the talk show host is a guy who
> has asserted that global warming is a hoax. Not my idea of a clear-thinking,
> objective source. If Lauria had a real story, he should have found
> a more credible way to present it.
>
On May 02 04:42 PM Alan Young wrote:
>> On the other side of the interview, the talk show host is a guy who has asserted that global warming is a hoax. Not my idea of a clear-thinking,
objective source.<<
On May 02 07:58 PM oilcan821 wrote:
> pres. obama is only protecting the taxpayer's interests, unlike the
> previous bush-cheney corporation! the only reason george loaned money
> to gm is he didn't want gm's going under on his legacy! they really
> didn't give a crap about the employees and communities they've destroyed,
> as long as they left with a pocket full of money from oil and gas
> co.'s and speculator money that filled their blind trusts! their
> policies will take years to undo, and we'll all have to pay for the
> bush-cheney co.'s screwing they left us !!!!!!!!
The last 30 years have been Baroque, late-period Roman Empire type capitalism; depraved, amoral, psychotic deviants allowed to f@ck and kill or kill and f@ck everything in sight, and then each other, in a nonstop necro-economic, freemarket fetishist orgy of whoredom and death.
Did you actually listen to the radio link?? The government has NO legal right to place junior creditors above anyone! Junior creditors get ZERO until senior creditors have been fully paid! The Senior creditors already agreed to a 50% haircut on their own and the junior creditors are already getting $20 Billion they should not get.
I am no lawyer and even I know this is EXTREMELY illegal. Government legislators bought in wasting Billions of taxpayer dollars, but they have no judicial authority. They can not break legal contracts.
By the constitution government can regulate interstate commerce, but forcing bank bankruptcies and mergers was also unconstitutional. That is what the bankrupcy court is for........but after blowing Billions of taxpayer dollars for nothing...government wants to break the law!
The bankruptcy judge can throw this out in a second! If the bankruptcy judge gets pressured under, the fix is in!!
I am from Canada and I understand the consitution better than you?? At what point do you wake up??
On May 02 04:42 PM Alan Young wrote:
> I usually agree with Tyler, but this one looks like a stinker.<br/>
>
> Of course, corporate-finance lawyers never exaggerate to make their
> clients look good, right?
>
> But in this case, it's an ex-client who fired the lawyer. According
> to Lauria, it was because the ex-client was "threatened with the
> full force of the White House press corps." HUH? The press corps
> represents a hundred or more separate media companies; they are not
> under the control of the president. The worst the press can do is
> report a story which could embarrass a client (or an inept lawyer).
> Why is Lauria so terrified of this possibility?
>
> On the other side of the interview, the talk show host is a guy who
> has asserted that global warming is a hoax. Not my idea of a clear-thinking,
> objective source. If Lauria had a real story, he should have found
> a more credible way to present it.
>
This president is a corrupt puppet. Stupid, stupid, STUPID people voted for him and a good deal of the Stockholm Syndrome pushed him over the top. His name is "Obama" and we were attacked by "Osama". I'd say a high enough percentage of Americans asked themselves what we did wrong to muslims to have them attack us, and in classic Stockholm Syndrome action, voted to think they quelled their guilt.
In a nutshell, we are a very weak nation and we survive ONLY because their is no one stronger. The Axis in WW II would be landing here by now and Feinstein would be the czarina of gun surrender.
Dillion 550 anyone?
Walsh
On May 02 11:23 PM dondon wrote:
> Well if we don't call it fascism, let's call it Chavezism.
Now, in the case of GM, they are more likely to file CH 11 where the precedents are different. The CH 11 precedents strongly support the "Absolute Priority Rule" and any pre-bankruptcy agreement between senior creditors (ie: the big banks) and the UAW will be thrown out by either the bankruptcy court, or in appeal. The key reason for rejection of such agreement is that it doesn't pass muster of "fair and reasonable" as per the wording in the law, particularly IF THERE IS A DISSENTING INTERMEDIATE CREDITOR CLASS. That would be the bondholders. So, the court MUST disallow any such collusion between big banks and UAW and mandate the bondholders get paid BEFORE any distribution to UAW.
Read the linked article and see if you concur.
The fact that he takes manufacturing companies and ensures the bond holders aren't made whole, but makes banks bond holders whole shows this. People will be less likely to lend to manufacturing, more likely to lend to banks. Let us not forget that insolvent banks are being allowed to issue bonds with an FDIC backing. This is a total screw of the working man and they are the ones who will be stick paying off those bonds too.
The rule of contract law should have been gutted for bank bondholders as well. why did we make Goldman whole with AIG? We are in an economic war, but it is us against our government and the banks.
With CDS there is a very big incentive for holders of bonds to force a bankruptcy. These bond holders may be holding enough CDS paper that they want to go bankrupt and pay off. You don't know what is behind the reasoning of the bond holders because of this. refuse to take a haircut and instead of getting 50 cents on the dollar you may get a 100.
On May 02 09:56 PM User 406163 wrote:
> Obama is protecting the UAW and giving those who lent the auto companies
> $$, the shaft. ( $.29 on the dollar) It is going to be interesting
> when he sees how many non-UAW unions have lent GM and Chrysler from
> their pension funds.
>
> I wonder how many UAW workers purchased these bonds?
>
> Does anybody know what is going th happen to the GMAC bonds ?
>
> Hershey in NY
On May 03 01:36 AM Hmm?! wrote:
> Alan,
>
> Did you actually listen to the radio link?? The government has NO
> legal right to place junior creditors above anyone! Junior creditors
> get ZERO until senior creditors have been fully paid! The Senior
> creditors already agreed to a 50% haircut on their own and the junior
> creditors are already getting $20 Billion they should not get.<br/>
>
> I am no lawyer and even I know this is EXTREMELY illegal. Government
> legislators bought in wasting Billions of taxpayer dollars, but they
> have no judicial authority. They can not break legal contracts.
>
>
> By the constitution government can regulate interstate commerce,
> but forcing bank bankruptcies and mergers was also unconstitutional.
> That is what the bankrupcy court is for........but after blowing
> Billions of taxpayer dollars for nothing...government wants to break
> the law!
>
> The bankruptcy judge can throw this out in a second! If the bankruptcy
> judge gets pressured under, the fix is in!!
>
> I am from Canada and I understand the consitution better than you??
> At what point do you wake up??
>
> On May 02 04:42 PM Alan Young wrote:
How about "Nascent Orwellianism"?
if you believe that global warming (ie carbon credits) is not a tool to control industrial capital, then you have not been listening to geologists the last two years. They have been quickly and thoroughly destroying man-made global warming theories. open your mind, quit listening to "scientists" (climatologists are weathermen fools), politicians and bureaucrats who want to run the world.
> fas⋅cism /ˈfæʃɪzəm/ Show Spelled Pronunciation [fash-iz-uhm] <br/>
>
> –noun 1. (sometimes initial capital letter) a governmental system
> led by a dictator having complete power, forcibly suppressing >opposition and criticism,
"USA!!USA!!USA!! If you don't like it, leave the country, commie pinko!! That's so unnnnpatriotic!!!" "We have to sacrifice some rights to keep ourselves safe from the Turrists!!" "MMMMMmmm, Patriot Act - sooooo deliciously intrusive, YUMMY!" (ring any bells?)
>regimenting all industry, commerce, etc., and emphasizing
> an aggressive nationalism and often racism.
"If you're not with us, you're against us"...."Those evil-doers / Axis of Evil, they's tryn'a steal our freedoms! Why do you hate america?" "Those dang [insert racist sentiment against anyone remotely tan / of a religion other than JesusAnity here]".
Ya feelin' me here?!?!?!?
compared to the shock to the economy,. so a chance to liquidate the company would be of no benefit. the auto companies demise cannot be allowed to cause chaos or everyone could wind up defaulting. without exception. A small chance of becomming viable and a larger hope of orderly demise is the best scenario. politically the administration would be opening a disastrous spirial into economic hell with catastophic unemployment and resulting defaults. Why would you want to go there? what a gift to America, no more industry and bankrupt economy mired in debt with no fucking hope.
I guess that takes bondholders out of the crowded market for loanable funds, too, while the Treasury satiates itself on debt.
Oh, wait... they don't care about crowding out because the Fed can use funny money (book transactions) to pay for Treasury securities. Intergovernmental borrowers already make up one of the top 3 categories of Treasury debt holders. Why not add a few more TRILLION to the Feds cooked books.
I feel so... used.
On May 03 09:13 AM dcb wrote:
> Our government had no legal right to torture people, engage in domestic
> spying, imprison people without trial forever, or give weapons to
> the contras. Those were just a few and there are many more. Hell
> we made up the data that got us into a war with IRAQ and something
> as trivial as this bothers you.
"45% of our economy today is dependent on government spending & control."
Slow, gradual government expansion over time is not recognized by the masses which gradually become dependant upon it. This leads to serfdom to the state. America is more a socialistic nation, and less a free-market economy, then ever before in its history, because our total economy has become significantly more government-dominated and dependent. Our founding fathers are rolling in their graves and weeping for the children of this once great land.
We are being extinguished and stupefied as a people, reduced to a flock of timid, subservient sheep of which the government is the shepherd.
mwhodges.home.att.net/...
"Tyler believes that the current model is flawed and a deleveraging at every level of modern society is needed to reinspire the fundamental entrepreneurial spirit. " ---keep up the good fight.
Trvaveling Man
That may seem to be so. However, in the GM case, this will be THE landmark case.. the largest bankruptcy in all history. So, if lower court fails to follow either the letter or SPIRIT of the law, it will almost assuredly end up in appeal, where an inequitable or unreasonable ruling will be corrected.
I have no dog in this fight, but I will bet hugely upon bondholders winning claims BEFORE unsecured creditors, principally, the UAW. I feel this case will be several years before final ruling is handed down, and quite likely, by the Supreme Court.
On May 02 10:22 PM bricki wrote:
> Fascist has been used as a pejorative term applied to so many people
> and organizations over the years that it has no longer has any real
> meaning or definition. Pick some other word.
>
> From Wikipedia:
>
> The word ‘Fascism’ is almost entirely meaningless. In conversation,
> of course, it is used even more wildly than in print. I have heard
> it applied to farmers, shopkeepers, Social Credit, corporal punishment,
> fox-hunting, bull-fighting, the 1922 Committee, the 1941 Committee,
> Kipling, Gandhi, Chiang Kai-Shek, homosexuality, Priestley's broadcasts,
> Youth Hostels, astrology, women, dogs and I do not know what else...
> almost any English person would accept ‘bully’ as a synonym for ‘Fascist’.
> – George Orwell, What is Fascism?. 1944.
>
> Richard Griffiths argued in 2005 that the term fascism is the "most
> misused, and over-used word of our times".
>
> On May 02 02:57 PM yellowhoard wrote:
When Homeland Security issues official directives for police to be suspicious of people with anti abortion stickers, 2nd amendment stickers, Ron Paul stickers, third party stickers and warns that military veterans are a potential threat to domestic security, I call it fascism.
When the executive branch disregards contract law, and issues decrees that benefit it's politcal base, I call it fascism.
It's not name calling if it is an accurate description of behavior.
Switching subjects, wasn't B. Obama a former law professor? If so, I find all this quite curious. I wonder what he was teaching all those young impressionable minds.
Regardless, as I have posted previously, I believe that the governments intrusion into, and abrogation of, property rights and law is the most serious threat to our society. I did not realize that it might be domonstrated so quickly.
HardToLove
On May 03 09:13 AM dcb wrote:
> Our government had no legal right to torture people, engage in domestic
> spying, imprison people without trial forever, or give weapons to
> the contras. Those were just a few and there are many more. Hell
> we made up the data that got us into a war with IRAQ and something
> as trivial as this bothers you.
Or not.
HardToLove
On May 03 02:47 PM yellowhoard wrote:
> Kunst,
>
> When Homeland Security issues official directives for police to be
> suspicious of people with anti abortion stickers, 2nd amendment stickers,
> Ron Paul stickers, third party stickers and warns that military veterans
> are a potential threat to domestic security, I call it fascism.<br/>
>
> When the executive branch disregards contract law, and issues decrees
> that benefit it's politcal base, I call it fascism.
>
> It's not name calling if it is an accurate description of behavior.
>
>
>
I find it very hard to believe that a Bankruptcy court can give money to an unsecured creditor, when a top-class secured colloection of creditors is objecting to the deal.
The cases cited in the article, had either a single top-class (SPM) or a multi-party top class that was in agreement to the "gifting".
In Chyrsler's case, the top-class of creditors is not in agreement. I know Bankruptcy is governed by creditor committees voting, but I don't see how a court can ignore the claims of a secured creditor.
I'm interested in opinions from Bankruptcy lawyers.
On May 03 05:23 AM Homer II wrote:
> Well, if I read the linked article regarding "Absolute Priority Rule"
> correctly, it seems that, in the case of Chrysler, who appears headed
> for CH 7, the pre-bankruptcy agreements between senior creditors
> (Big banks who took TARP and are now being coerced into these agreements
> by the Government) and unsecured creditors (ie: seekingalpha.com/symbo...)
> is legally sustainable and likely to be approved and upheld if appealed.
On May 03 09:13 AM dcb wrote:
> Our government had no legal right to torture people, engage in domestic
> spying, imprison people without trial forever, or give weapons to
> the contras. Those were just a few and there are many more. Hell
> we made up the data that got us into a war with IRAQ and something
> as trivial as this bothers you.
I am not a bankruptcy attorney, but much is being made of a "supermajority" of senior creditors being in line.
I do not pretend to know how much constitutes a such a super-majority, or what the legal effect is.
A crucial lesson here, NEVER invest in, or buy bonds from a company with a large union presence. The union will either drive the company in the ground, or union-friendly politicians will take away bondholder's rightful place in line.
On May 02 10:22 PM bricki wrote:
> Fascist has been used as a pejorative term applied to so many people
> and organizations over the years that it has no longer has any real
> meaning or definition. Pick some other word.
>
> From Wikipedia:
>
> The word ‘Fascism’ is almost entirely meaningless. In conversation,
> of course, it is used even more wildly than in print. I have heard
> it applied to farmers, shopkeepers, Social Credit, corporal punishment,
> fox-hunting, bull-fighting, the 1922 Committee, the 1941 Committee,
> Kipling, Gandhi, Chiang Kai-Shek, homosexuality, Priestley's broadcasts,
> Youth Hostels, astrology, women, dogs and I do not know what else...
> almost any English person would accept ‘bully’ as a synonym for ‘Fascist’.
> – George Orwell, What is Fascism?. 1944.
>
> Richard Griffiths argued in 2005 that the term fascism is the "most
> misused, and over-used word of our times".
>
> On May 02 02:57 PM yellowhoard wrote:
Witness, again, market forces 'leaking in' through such unintended consequences, to carry out their will: Credit inflation Must be followed by credit deflation, and the very attempts to reinflate (e.g., bailing out overpaid workers) become the mechanism for further net credit destruction.
Expect similar reactions to Bernanke's QE. The yields on the 10 and 30 yr are a warning for what is coming.
That would be great for one twisted reason: the attorneys will voraciously consume most all of any settlement which the UAW might receive.
I am sure that obama was very clear that he would in fact change the world. I am now stressed because there is no real reason to return to the USA or invest in the USA markets the risk of corporate balance sheet deceit and oval office manipulation is too high.
If you are smart you will sell in may and go away to other countries and see for your self that there is a whole other world out there, yes equally F-up but you don't have to sell your self as a patriot anymore, NO REASON!
Get out of bonds quickly the low margins are not worth the risk!
Obama Putin and Chavez!
Second, the political bickering/name-calling... fingers between the Repubs and Dems is just sickening. As an Inde, both parties disgust me as I fell BOTH parties are now "Party First" with neither having any real altruistic motives. Both parties have been reduced to extremmely biased, whining, cry-babies with nothing real to say.
I commented above
seekingalpha.com/autho...
that it sounded fishy, and I thought Lauria was exaggerating.
My opinion has been derided by many other comments above. Which is fine, if I'm wrong.
But, a new post from Tyler--
zerohedge.blogspot.com...
--concedes that THE CLIENT is also saying that Lauria was exaggerating.
Given that there's new evidence, does anyone want to change their opinion of the situation? (Or their rating of mine?)
I won't hold my breath.
The Orwellian stuff is inherited from the previous administration.
On May 03 09:50 AM yellowhoard wrote:
> Bricki,
>
> How about "Nascent Orwellianism"?
Oh, that is wonderfully twisted!
Only twisted in that, I dislike legal vultures and those who ply their trade in the bankruptcy arena, are quite avaricious. But the UAW workers are not only greedy, they don't even give a fair days work in return.