Fight the good fight, be prepared to lose. It was, no doubt, going to be an expensive and painful slog. We might add, though we love rooting for the underdog (except for Spitz, of course) the deck was stacked. All that pain for very little gain:
Chrysler LLC's secured lenders that opposed the automaker's bankruptcy sale of assets to a company run by Fiat SpA are dropping their fight in the bankruptcy court case, a lawyer representing the group said.
The group, calling itself Chrysler's Non-TARP lenders, doesn't plan to defend earlier objections and may withdraw them formally, said Tom Lauria, the White & Case attorney representing the group.
"After a great deal of soul-searching and quite frankly agony, they concluded they just don't have critical mass to withstand the enormous pressure and machinery of the U.S. government," he said.
With the core group of objectors stepping aside, Chrysler's path toward an alliance with Fiat may have become smoother. The Auburn Hills, Michigan-based automaker is scheduled to have an auction completed May 27 where Fiat is the lead bidder.
What is left to say? You can't fight City Hall? To the winner the spoils? Who is John Galt?
Chrysler's Dissenting Lenders Give Up Fight Over Sale [Bloomberg]