No surprise to us (and we agree), he says the union comes out the big winner. And he worries about Chapter 22 despite GM emerging with a much lighter debt load:
“The bill is now up to $50 billion or more, which is what we said would be needed, but the government should be first in line,” Altman said today on Bloomberg Television. “The government will now have stock in the company, more than 72 percent. It is a big uncertainty if the company will do well.”...Losers in GM Bankruptcy Are Taxpayers, Altman Says - Bloomberg“There are a disturbing number of Chapter 22s, where they have to file again within five years because it did not work and they either have too much debt or haven’t fixed the operational problems,” Altman said. “GM will fix the debt. The question is, will the economy permit them to do it? I have great doubts that will happen.”
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