David B. Shemano <[email protected]> said in part:
> * * * In the normal bankruptcy world, . . . [a]t its simplest,
> a company cannot force a credior, any creditor, no matter what
> the circumstance, to take less under plan that what the creditor
> would receive if the company was liquidated as opposed to the
> plan proposed. In addition, a plan cannot be confirmed if it would
> "discriminate unfairly" between creditors. The proposed [Chrysler]
> plans almost certainly violate these provisions.
And "unfairly" in "discriminate unfairly" is an objective
standard? Anyway, wouldn't it be reasonable (including "politic") if the
bankruptcy judge were to "find" (that is say that he believes and rules)
that the secured lenders shall retain their liens and by the terms of the
plan will receive deferred cash payments equaling the present value (as the
judge determines the present value to be) of the collateral securing the loan?
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