In this case, it is the "secured" creditors (the parties that actually hold bonds or other items representing collateral) who are claiming that the assets are going to UNsecured creditors, like, oh, what a surprise, the UNIONS!

Again, this reflects one of the major problems with the work of the Founders, they gave the federal gubment the power to influence bankruptcy and did not leave it to private arbitration and the free market.

http://news.yahoo.com/s/nm/20090608/us_nm/us_chrysler_court

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