The day after they were “outed” by a federal bankruptcy judge’s fiat, Chrysler’s holdout debt holders have thrown in the proverbial towel. And whom do the non-TARPies blame for their recalcitrance and capitulation. Lawyers White & Case said their clients withdrew for “various reasons . . . as a consequence of concerns stemming from publicity of these Chapter 11 cases.” In other words, they were intimidated! This despite the fact that they were unable to prove their claim that they’d been subject to death threats for their reluctance to take the government’s debt-for-equity swap—other than a few comments posted on a website (go internet!). And while they were at it, the non-TARPies’ brief cleared-up the question plaguing financially savvy conspiracy theorists everywhere. The law firm said none of their clients hold credit default swaps, which would have paid off their entire holdings if the judge had ordered a Chrysler liquidation. (Doh!) The White House said “whew!” “While there is still a lot of work to do, this development gives us further confidence that Chrysler’s bankruptcy will be quick and orderly,” White House spokesman, Robert Gibbs, elucidated.
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