Contact: John Hartgen
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(703) 739-0800
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href='mailto:jhartgen@abiworld.org'>
color='#0000ff' size='3'>jhartgen@abiworld.org
AUTOMAKER
CHAPTER 11 FILING BETTER FOR TAXPAYERS AND COMPANIES THAN GOVERNMENT
BAILOUT, ACCORDING TO LATEST ABI QUICK POLL
size='3'>December 19, 2008, Alexandria, Va.
size='3'>— A majority of respondents (86 percent) in a recent ABI
Quick Poll agreed that a chapter 11 filing is better for the taxpayers
and companies than a government bailout of the auto industry
size='3'>. Sixty-five percent of respondents
“strongly agreed” and 21 percent “somewhat
agreed.”
Ten percent of respondents did
not think that a chapter 11 filing would be more beneficial to taxpayers
and companies than a government bailout of the auto industry. Six
percent “disagreed strongly” and 4 percent “somewhat
disagreed” that a chapter 11 bankruptcy filing is better for
taxpayers and companies than a government bailout of the auto industry.
Two percent of respondents did not know or had no opinion on the
issue.
The Quick Poll was based on the
recent discussions on Capitol Hill to explore ways to provide relief to
the struggling U.S. automakers. U.S. automakers such as General Motors
have stated that they would run out of funding by the end of the
December if they did not receive government aid. Despite swift passage
in the House of Representatives, legislation providing a financial
bailout for U.S. automakers failed in the Senate on Dec. 12. Many
lawmakers were critical of the automaker bailout package, saying that
bankruptcy provided the best method for the automakers to reorganize
their businesses. The Bush Administration announced today that U.S.
automakers will receive $13.4 billion in loans through the Troubled
Asset Relief Program in exchange for substantially restructuring their
businesses.
ABI members and members of the
public were welcome to submit their response to the statement: “A
chapter 11 bankruptcy is better for the taxpayers and the companies than
a government bailout of the auto industry.”
ABI’s Quick Poll is
posted on ABI’s home page,
href='http://www.abiworld.org/'>
size='3'>www.abiworld.org
size='3'>. ABI members and the public are invited to respond to a
question on a timely bankruptcy or insolvency issue. Visit
href='http://www.abiworld.net/quickpoll/'>
color='#0000ff' size='3'>http://www.abiworld.net/quickpoll/
to access the results of previous
ABI Quick Polls.
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ABI is the largest multi-disciplinary, nonpartisan organization
dedicated to research and education on matters related to insolvency.
ABI was founded in 1982 to provide Congress and the public with unbiased
analysis of bankruptcy issues. The ABI membership includes nearly 11,700
attorneys, accountants, bankers, judges, professors, lenders, turnaround
specialists and other bankruptcy professionals, providing a forum for
the exchange of ideas and information. For additional information on
ABI, visit www.abiworld.org. For additional conference information,
visit
face='Times New Roman'
color='#0000ff'>http://www.abiworld.org/conferences.html.