Quote:
Originally Posted by Hylton
Actually taxpayers are not held liable for any legacy costs of any company going into bankruptcy. GM is no exception. What would happen in fact, is that the UAW stands to be creditor number 1 after the last bailout is paid back. I believe UAW will end up owning at least 25% of the company post Chapter 11. The courts will tell them to either make a go at it or sell their interest to pay out the legacy costs.
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So no healthcare costs or unemployment would have to be paid by the government if GM decides to cut benefits and jobs?