Bankruptcy Is Not An Option (Except When It Is)


The Chrysler hire of Jones Day for Armageddon counsel is looking less and less like a bluff. (Not that we thought it was to begin with, but not that we didn't either).
With Congress looking unlikely to just rubber stamp a bailout, and the rather pointed questioning, in particular of Chrysler, by the Critters, "If Cerberus won't help you, why should we?" Chrysler is pulling out the stops in Corinne Ball (who, it appears, has some experience in these matters).
Starting to look elaborate for a bluff. Yet, the best bluffs bear these hallmarks. Oh, dear. What's a decision-maker to think?
Chrysler Hires Law Firm Jones Day as Bankruptcy Counsel [The Wall Street Journal]
Jones Day Chrysler Bankruptcy Coup [Above The Law]