It is entirely possible that a demographic defined by the terminally capitalist-guilt ridden figure of Geoffrey Gwin is responsible for the likes of the Chrysler tennis match we have been enjoying this morning.
One of 46 secured creditors to Chrysler LLC, Mr. Gwin was debating Wednesday whether to accept about 33 cents on the dollar for his debt. With some debtholders refusing to budge late Wednesday night, Chrysler moved closer to filing for bankruptcy protection, a step that would complicate its reorganization and put at risk the pensions of employees and retirees. In a bankruptcy scenario, a majority of lenders could still block Chrysler's restructuring if they don't agree to a deal.
Or perhaps the absurdly bloated egos of these managers have been tilting the entire playing field:
Geoffrey Gwin is wrestling with the knowledge that the retirement plans of some 80,000 Americans may rest in his hands."I am in turmoil," says Mr. Gwin, principal of the Group G Capital Partners LLC hedge funds in New York.
Heavy rests the crown.
His confusion and crisis better find an outlet soon, as it's game time in the stadium already.
A trip through the courts will open a new chapter of uncertainty as the company's lenders and its thousands of affiliated dealers could mount a series of legal challenges to the administration's efforts to pull off a swift reorganization.
And personal bias appears to play a substantial part:
Says the younger Mr. Gwin: "I have regret and bitterness about this process but may still swallow it and vote yes,"adding facetiously, "but if we want to talk about fairness here, give my dad's pension back and I will gladly forgive Chrysler's loan."
In pointing out the article top us a friend of Dealbreaker and senior manager for a multi-billion-dollar hedge fund family comments:
If I were an investor, I'd yank my money from his fund faster than Geithner yanks away the comp restrictions on the bank welfare recipients.
A Chrysler Creditor Finds Himself Torn [The Wall Street Journal]
Posted by guest , Apr 30, 2009 11:21AM
so when will we talk about the fact that Timmy Geithner has been chosen one of people magazine's 100 most beautiful people. heeeaaa
Posted by guest , Apr 30, 2009 11:25AM
heeeaaa@1- I don't know when will we?
http://dealbreaker.com/2009/04/who-are-the-most-beautiful-peo.php
Posted by guest , Apr 30, 2009 11:28AM
Turd sandwich for sure.
Posted by EvilBuzzard , Apr 30, 2009 11:29AM
I noticed TG was called beautiful; not intelligent.
Posted by guest , Apr 30, 2009 11:31AM
@4- really, you noticed that on list of the "most BEAUTIFUL people," TG was called beautiful and not intelligent?
nothing gets past you.
Posted by guest , Apr 30, 2009 11:35AM
Alack, the trials of Gwin The Younger, Prince of Peachtree.
Shall my vote casteth away the pain of my father? In so doing doth his pension from death arise?
Nay, sadly. And so liquidate we must.
Posted by EvilBuzzard , Apr 30, 2009 11:35AM
@5 I appreciate your acknowledgement of my prescience. You can go back to rolling your dingleberries now.
Posted by guest , Apr 30, 2009 11:40AM
I am The Purpose.
Posted by guest , Apr 30, 2009 11:46AM
"Heavy rests the crown."
That Irish fiddle music from The Departed is going to be running through my head all fucking day now.
Posted by guest , Apr 30, 2009 11:47AM
he's auditioning for the Bud Fox role in the new Wall Street
Posted by guest , Apr 30, 2009 11:49AM
@6...nice iambic pentameter. Don't tell your quants; they'll think that is a Fibonacci thing.
Posted by guest , Apr 30, 2009 11:49AM
@6...nice iambic pentameter. Don't tell your quants; they'll think that is a Fibonacci thing.
Posted by guest , Apr 30, 2009 11:55AM
@2 ok I admit I didn't see that. but what about the fact that his brother works at People mag? heaaaa
Posted by guest , Apr 30, 2009 12:06PM
f%^k the unions!!
Posted by Anal_yst , Apr 30, 2009 12:08PM
@11/12
I'm far from a poet, but I'm missing the "pent" part of what you've dubbed iambic pentameter in @6, although otherwise an excellent point
Posted by Debter , Apr 30, 2009 12:46PM
Heavy is the head that wears the crown is what you hear most, not heavy rests the crown. Even that is a misquote from Shakespeare, and not Scorsese.
Henry IV, Part 2, Act 3, Scene 1, the king has a soliloquy. It begins, "How many thousand of my poorest subjects / Are at this hour asleep! O sleep, O gentle sleep, . . ." At the end, he declares, "Uneasy lies the head that wears a crown."
I know, I know, I'll let it go in the future
Posted by chernevik , Apr 30, 2009 12:51PM
Cut the guy a break. He managed to generate a story showing that the UAW is getting a bailout no one else gets, and suggesting that lenders actually have some rights.
I don't see those points getting made anywhere else in the Journal/Post/Times.
He looks like a tool, but he's an amateur rhetorician going up against professionals.
Posted by guest , Apr 30, 2009 12:55PM
@16
I took a college class devoted entirely to the identity of Shakespeare. Still, I cannot get over how fucking awesome his shit is.
Posted by guest , Apr 30, 2009 1:22PM
Isn't that a picture of Richard Christie from Stern??
Do people not understand that Pension Funds, Endowments, etc are all invested in these "evil" hedge funds?? The managers have a duty to protect their LP's interests.