[BonzoHansen]

It is not a yes/no question. I’d vote yes BUT…….

I don’t believe chp 11 = chp 7 in a month. No way. However I think this mess is a direct result of the housing/Freddie/Fannie fiasco. Therefore perhaps some assistance may be warranted given the correct provisions.

I’ve got a new plan. Instead of giving it to the companies, lets look at things form “we’re going to pay one way or another” view

* Fully fund the VEBAs so the UAW can take over retiree HC (unless forcing them to Medicare is cheaper, then do that & throw billions at Medicare)
* Over fund the pension plan and punt it to the PBGC so they can take over the retiree pensions.
* Freeze the pension plan; offer only 401k plan, also no more health benefits at retirement. There would of course need to be some grandfathered participants and all to deal with based on seniority, etc. –
* FORCIBLY buy out anyone within 5 years of retirement at full benefit + 65% salary for time from now until retirement age. No UI.
* Offer scaled down buyouts to other employees.
* Any ptp left with earned pension credits put equivalent cash in their 401k and that is all, no more pension liability for any active employee

Retiree $$ problems gone. We’re going to pay them one way or another, might was well do it right. Oh yeah….

* Cap all total comp for any employee (from the CEO to BiGal) at $500k max until profitability is restored for 4 straight quarters. I may be swayed to allow high priced options ($30 strike price?) to upper management.
* Force ½ of the Directors out. Chrysler is a strange bird being a private firm, but I’m guessing a similar deal can be cut.
* Pay the costs of getting rid of all idle plants/assets - that is a big deal, given cleanup, etc. Spin it as an EPA win.
* Any $$ left? Pay the costs of getting rid of PMD/Buick/GMC/Mercury/(dodge?)

Move on, good luck.