Roenblog

We’re breaking blogs! This is the archive, see new stuff at http://roenbaugh.com/

The second generation of our blog is experiencing technical failure. Maybe it’s us?

Good article explaining the arm twisting going on in the Chrysler deal.   I shutter to think how the lending picture will change if all secured creditors are now unsecured.    http://online.wsj.com/article/SB124199948894005017.html

May 7 (Bloomberg) — OppenheimerFunds Inc., Stairway Capital Management LP, Group G Capital Partners LLC and Schultze Asset Management LLC are among fund owners that tipped Chrysler LLC into bankruptcy and seek to stop its sale to Fiat SpA. The Arrow Distressed Securities Fund, Group G Partners LP and Foxhill Opportunity Master Fund LP are also members of the group previously identified only as non-TARP lenders, in reference to the Troubled Assets Relief Program that bailed out some of the banks that support Chrysler’s reorganization, according to court documents filed yesterday. 

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Bond. Lame Bond.

Chrysler’s bondholders are whining about Obama’s deal. Don’t listen to them.

Below are links that a friend sent me.  While I’m not familiar with either  “Zero Hedge” or  “FineMrespice” the tale told here is amazing.  The story is about the head of White & Case’s restructuring group alleging that the Obama administration directly threatened an investor (Read Perella Weinberg?) to force them to drop their fight in the Chrysler bankruptcy.  
Alleged quote from our “Car Czar” to Perella Weinberg

Who the fuck do you think you’re dealing with? We’ll have the IRS audit your fund. Every one of your employees. Your investors. Then we will have the Securities and Exchange Commission rip through your books looking for anything and everything.

Faced with these threats the investor backed down taking a settlement much less appealing that what could have possibly been attained through bankruptcy.  A government official is dictating terms of how to operate private companies.  They are forcing investors to make decisions that do not match with their fiduciary duties to investors.    I encourage all of you to please read the following links and make your own decisions on the validity of the claims.  

• http://www.finemrespice.com/node/56
• http://zerohedge.blogspot.com/2009/05/white-house-threatened-to-destroy.html
• http://zerohedge.blogspot.com/2009/05/white-house-claims-head-of-white-case.html
• http://blogs.abcnews.com/politicalpunch/2009/05/bankruptcy-atto.html

Before the snow and ice hit last week, the Ryan family took a field trip to Woolaroc. Woolaroc was established in 1925 as the ranch retreat of oilman Frank Phillips. The ranch is now a 3,700 acre wildlife preserve and museum.

While we were having fun in Chicago last week, our parents were digging out of a spring storm (sorry family, we really do feel bad). Here are some pictures from the Roenfarm last week as the snow piled up. Hope it’s melted by now!

We caught the train to Chicago Friday for my second ever hockey game (first professional hockey game). The Chicago Blackhawks won against the New Jersey Devils, and quality fans from both sides packed the United Center. It was a good game, although Chris and I don’t really understand the rules of hockey that well.

Here’s what makes it a good game for us:
1) Stadium food like fries, burgers, hot dogs, nachos, etc.
2) Fist fights between hockey players, including one that lasted for five minutes and stretched the length of the ice with all three referees just watching
3) A referee got hit in the head with a hockey puck and had to leave the game
4) Dan Aykroyd opened the game, which was full of Blues Brothers references
5) Fist fights in the stands between white trash Blackhawks fans and Devils fans.

We stayed at the Hotel Burnham, which we would highly recommend. Also, before the game, we met up with some of Chris’ friends from the Chicago Board of Trade and had after-work drinks at a bar filled with traders. They were all fun Irish guys, so we fit right in.

Virgin Gorda 2009 from Chris Roenbaugh on Vimeo.