GM

The birth of Government Motors is coming into focus.

I don't know what this means, but I know it ain't good...
"The government will make a “judgment call” on May 30 as to whether bondholder backing for the latest proposal is sufficient, the administration official said."

Ditto this...
"Bondholders would lose some or all of the warrants and their 10 percent stake in the new GM entity unless the company wins sufficient support from those investors to satisfy the Treasury, GM said in the regulatory filing. "

Sounds like a strong arm tactic rather than a proscribed process of established law. All this from the presidential administration of a Harvard Law graduate.

UPDATE: The Obama administration is dressing up the PR over the Chrysler disaster, but the GM deal is still pretty much a hosing, only mildly thuggish this time around. Nonetheless this is a slow rolling disaster for our economy and our nation.

Exit question: what investor in his right mind would want to be a 25% illiquid partner in a private company majority owned by a statist administration and one of the nastiest unions?