Found the following article which explains clearly what happened as a result of the General Motors bankruptcy back in 2009.
http://www.dailywealth.com/2125/gm-americas-biggest-bankruptcy
Put simply, the union got the money and the bondholders were screwed. Don't worry about the company not being able to make a decent car, or the chance to have capitalism go to work and make the GM assets available to new entrepreneurs, No, Obama had to win Michigan and the US taxpayer forked out.
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