It’s over. The group of Chrysler bond holders opposing the Obama administration’s restructuring plan is dropping its court fight.
The group had been fracturing all week, with two of the larger funds dropping out this morning. Officially, the word is that the group’s five remaining members realised that they couldn’t mount an effective legal challenge.
“We’re still opposing this and not signing the consents, but the active fight has been more challenging,” Geoffrey Gwin, principal of the Group G Capital Partners LLC, told the AP . “Everybody’s going along with it.”
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