Article

2010-07-22 Economy

Northrop might sell Newport News shipyard

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Posted by 3dc 2010-07-22 02:01|| || Front Page|| [2 views ] Top

#1 "According to financial writer Michael Barone Perella Weinberg Partners reputation was threatened by the Barack Obama White House after it refused to accept a 33 cent on the dollar payment for their senior secured bonds made as an investment to keep Chrysler afloat prior to its 2009 bankruptcy.

"Barone also says separate anonymous death threats were made to the bondholders over their refusal.

"Perella Weinberg Partners' objection was that political supporters of Obama, the United Auto Workers, was receiving 50 cents on the dollar for unsecured debt under the same deal.

"Generally loans made during bankruptcy proceedings are paid ahead of most other debt as Perella Weinberg Partners contended their secured bonds should have been.

"Eventually the company acquiesced and accepted the Obama deal, however, other bondholders did not. Perella Weinberg Partners may still revive the traditional bankruptcy distribution as the other bondholders have petitioned the bankruptcy court to rule on the hierarchy of their secured versus unsecured debt."

Posted by Anonymoose 2010-07-22 06:18|| 2010-07-22 06:18|| Front Page Top

#2 Looks like Gerry Ford tripped again.

Posted by Nimble Spemble 2010-07-22 10:41|| 2010-07-22 10:41|| Front Page Top

#3 I have 90 years of family roots in this old Huntington shipyard.

Posted by Glenmore 2010-07-22 13:51|| 2010-07-22 13:51|| Front Page Top

#4 Naasco in San Diego just laid off 300 or so employees, and a similar amount of subcontractors due to lack of shipbuilding bizness. Good job, Baracky!

Posted by Frank G 2010-07-22 18:57|| 2010-07-22 18:57|| Front Page Top

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