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]