Chrysler bondholders say threatened by White House

Update: Lauria on FNC

—–

Attorney Thomas Lauria, lead attorney for the Chrysler bondholders who have objected to the Obama restructuring plan, told ABC News that Obama car czar, Steve Rattner, suggested that officials of the Obama White House would embarrass the firm for opposing the Obama administration plan, which President Obama announced Thursday, and which requires creditors to accept roughly 29 cents on the dollar for an estimated $6.8 billion owed by Chrysler.

The White House has denied the allegation.

Lauria said the firm “was directly threatened by the White House and in essence compelled to withdraw its opposition to the deal under the threat that the full force of the White House press corps would destroy its reputation if it continued to fight. That’s how hard it is to stand on this side of the fence.”

Obama was highly critical of the bondholders as being “unwilling to sacrifice” in his remarks Thursday.

Lauria said the president saying he doesn’t stand with his clients “kind of sounds like ‘You’re fair game.’ In whatever sense. People are scared. They have gotten death threats. Some have been told people are going to come to their houses. God forbid if some nut did something, I’m just wondering how the president would feel.”

I can’t help but recall that these very same tactics were used by ACORN against AIG employees after Obama singled them out for scorn. Is ACORN behind this latest effort to intimidate the Chrysler bondholders?

Three options for the Big Three

US automakers are in a tough spot, and prospects for recovery are grim.

What are their options, Bankruptcy?  Bailout?

Here is a third option that is getting some attention … the Chinese are planning to buy GM and Chrysler.

China’s  21st Century Business Herald cites a senior official of China’s Ministry of Industry and Information Technology– the state regulator of China’s auto industry– who dropped the hint that “the auto manufacturing giants in China, such as Shanghai Automotive Industry Corporation (SAIC) and Dongfeng Motor Corporation, have the capability and intention to buy some assets of the two crisis-plagued American automakers.”

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