I’ve been writing long pieces about Mourdock’s challenge to the Chrysler bankruptcy on behalf of the Indiana funds. But, for me, it comes down to this: How would Indiana get more money if Mourdock had won?
Perhaps I could see something other than futility in his actions if that piece of the puzzle was filled in.
Option 1 = Liquidation – this yielded less money for Indiana than the fiat sale.
Option 2 = Fiat sale – this was the challenged action.
Option 3 = None has been articulated – let alone shown to be reasonably available or more profitable to secured lenders.
The wailing and gnashing of teeth has been about the UAW getting something. Given the options, it was as if Mourdock would have been happier if Indiana got *less* money so long as the UAW got nothing.
And, just for the record, the bankruptcy court explained that the UAW and the U.S. Government was not receiving value for the claims they had based on debts incurred prior to the bankruptcy. Rather, they were receiving stakes in the New Chrysler based on value they were providing to that company after the bankruptcy was filed.