On Sun, 27 Jun 2010 12:34:23 -0500, Douglas Johnson
wrote:

" wrote:

How do you justify the taking of the company from its lawful owners and giving
it to another?

They ran the whole thing into the ground so it had no real value,

A lie. Even so, how do you justify the taking, without due process?

There was due process. It's called bankruptcy.

Wrong. It was an executive action. There was no bankruptcy proceeding.

The lawful owners lose their
ownership of the company and the company is broken up and sold off or the
creditors get ownership of the company in place of their loans to the company.
It happens every day.

Except that it was *NOT* a bankruptcy. There was no due process.

The case of GM is politically hot because the major creditors were the US
government and the UAW. The UAW was a major creditor through the health care
restructuring that was done in 2006 or so. The government was a major creditor
because GM came, hat in hand, via private jet, to get a bail out loan late in
2008.

So, the fact that they used a "private jet" was reason enough, for you, to
throw away the Constitution. Got it.

GM was unable to meet the terms of those loans and so was forced into
bankruptcy. They had a net worth of minus $82.29 billion dollars according to
their March 31, 2009 SEC filing. See
http://edgar.sec.gov/Archives/edgar/...htm#toc85756_4

Wrong. There was no bankruptcy proceeding.

You can also see a discussion of the government loan terms and GM's bankruptcy
plans in anticipation of their failure to meet those terms. I'd be a little
slower with the term "lie" . The company was less than worthless.

Wrong. Wrong, and wrong.