White & Case's Tom Lauria Reflects on Non-TARP Lenders Crazy Chrysler Week

Thomas Lauria of White & Case has never experienced anything quite like his time representing the group of so-called non-TARP lenders who rejected the government's offer to exchange billions in Chrysler debt for 29 cents on the dollar. The Obama administration--which made the offer and required unanimous acceptance to keep Chrysler out of bankruptcy court--blamed the group for forcing Chrysler into Chapter 11. After the filing, the group sought to block the sale of Chrysler's most viable assets and the creation of a new company managed by Fiat, arguing that unsecured lenders, such as the auto workers union, would get repaid before the secured lenders--a reversal of normal bankruptcy procedures. The group's ranks dwindled under the pressure of public exposure. On Friday, nine remaining non-TARP lenders gave up that fight.

The Am Law Daily spoke to Lauria Monday about the last few weeks, the possibility of a General Motors bankruptcy, and other related topics...

AmLawDaily: White & Case's Tom Lauria Reflects on Non-TARP Lenders Crazy Chrysler Week