How did Emperor Obama void contract law in GM buy voiding Bond holder’s interest but yet yielding Ownership to the Auto Workers Union? How could he steal the bond holder’s interest in that they are first in line in bankruptcy and employees are last?
by 
The Wraith of God is Coming
ANSWERS: 1
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He didn't. This was not an imperial command, it was an offer of government money in return for the various interested parties accepting certain conditions, with the idea of avoiding bankruptcy. The bond holders were free to accept his offer or, as they have done, reject it. Having rejected it, it is difficult to see how bankruptcy can be avoided: they have to come up with a sackful of money from somewhere else before 1 June. But no contracts have been overridden: some people have refused an offer to sell their contracts because the price was too low. Probably, the bond-holders would have been just a little better off if they had taken the governments money than if the company goes into bankruptcy. But the Unions would have been a lot better off. So the bondholders have done the spiteful thing: to stop the unions getting a lot, they have thrown away their little. It is likely that neither group will get much out of bankruptcy.
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