Chrysler’s Dissenting Lenders Give Up Active Fight Against Sale

Derided as “speculators” by President Obama, the hedge funds that said they felt cheated by the government in the Chrysler case have decided to drop their action against the government decision…..

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Chrysler LLC’s secured lenders that opposed the automaker’s bankruptcy sale of assets to a company run by Fiat SpA have collectively withdrawn their participation in the court case, a lawyer representing the group said.

The group, calling itself Chrysler’s Non-TARP lenders, may withdraw objections to the sale, said Tom Lauria, the White & Case attorney representing the group.

“After a great deal of soul-searching and quite frankly agony, they concluded they just don’t have critical mass to withstand the enormous pressure and machinery of the U.S. government,” he said.

The case is In re Chrysler LLC, 09-50002, U.S. Bankruptcy Court, Southern District of New York (Manhattan)
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From Bloomberg

http://michellemalkin.com/2009/0
5/08/battered-hedge-fund-manag
ers-syndrome/

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