Administration’s friends are protected
The public at large may not see what is really going on in the latest restructuring agreement of Delphi and its proposed Chapter 11 emergence plan. However, bankruptcy Judge Drain seriously questions the government backroom-brokered deal reached by the auto task force, GM, UAW, Delphi and Platinum Equity.
Rightly so, Drain has insisted on an auction of Delphi’s assets wherein creditors and third parties may bid against Platinum Equities. Obviously, this is something those who arrived at the hurry-up secret agreement hoped to avoid, as it will further delay emergence from Chapter 11.
I would contend Delphi’s plight has drawn the interest of the administration’s auto task force only because Delphi is essential to the survival of GM. Furthermore, this so-called “emergence plan” is really a liquidation in disguise in which the interests of the UAW (to which the Obama administration is beholding) are largely protected.
In this plan UAW hourly retiree benefits and pensions are rolled over to the “New GM,” which is laudable perhaps. However, in stark contrast, Delphi salaried retirees, secured creditors, et al., are to be thrown out with the garbage. How does this meet fair and equitable treatment requirements of bankruptcy law?
Salaried retirement benefits of life insurance and health care have already been hacked – suddenly completely gone! Now under the new emergence plan Delphi salaried pensions are to be turned over to the PBGC, an entity that is already practically bankrupt itself. Meanwhile, the good salaried people I worked with who are still with Delphi (all with dependent families) are in limbo, not knowing whether they will have a job or not – whether to wait and see or go looking for new employment, getting basically nothing for 10 to 25 years or more invested with Delphi/GM.
Seems to me for an administration that “doesn’t want to be in the auto business,” they are pulling an awful lot of strings, twisting a lot of arms, busting a lot of skulls to make things go exactly the way they want. Friends of the administration are protected, while everyone else is apparently chaff in the wind.
The collateral damage of broken careers and bitter hardship for real live people that are strewn along the way are just the eggs broken to make the omelet called the “New GM,” a.k.a., “Government Motors.”
Robert Wheatley
Kokomo
‘The Lord has her here for a reason’
I am writing to you about my granddaughter, who has been in Peyton Manning Children’s Hospital in Indianapolis for the last 11 months.
It will be a year on June 25 since Kaylee got a horrible blood disease – leukemia. Kaylee has acute lympholastic leukemia. It’s what infants get. This is cancer – a life or death disease. Kaylee is 20 months old.
She is a very strong, beautiful little girl. I don’t know how Kaylee has gotten through all her chemotherapy treatments, but she has. Kaylee has been a very sick little girl for many months. She has been through eight surgeries, which has been difficult on her body.
Kaylee is a hero. She has a great personality. She smiles all the time and blows people kisses when they walk past her room in the hospital.
Kaylee got leukemia at 9 months old. We don’t know how Kaylee got this. She wouldn’t eat anymore, and she was losing lots of weight and getting very pale. Her color was getting bad.
The good news is Kaylee is in remission now. There are no leukemia cells in her blood or bone marrow, which is so great. That’s the way we want to keep it. We never want the cancer to ever come back. She will be 2 years old in September.
Her mother, Abby, I and her great-grandmother have all stood by her. Many friends, many churches and other people are always praying for Kaylee every day and night. My mother prays for Kaylee many times, day and night. All the prayers for Kaylee are helping. And the most wonderful thing is Kaylee is still on this earth. And the Lord has her here for a reason.
My dad died two years ago this September from a very bad stroke. He was a retired fireman and a good man. My dad passed away when Kaylee was only 3 weeks old. He didn’t get to see Kaylee, but I know he is watching over her up there with the Lord.
I know that Kaylee got sick after my dad died. But she is living for herself and for my dad. I truly believe this. Kaylee took my dad’s place. And I know if my dad was here today on this earth, he would totally agree with me.
If you want to send Kaylee a card, please mail them to Abby McKay, 1136 Ruddell Drive, Kokomo, IN 46901.
Marsha Sullivan
Kokomo
