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MI HCR0020
Concurrent Resolution
Status
4/30/2009
Primary Sponsor
Deb Kennedy
Click for details
AI Summary
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Calls on Governor Granholm to divest all state money from hedge fund offerings of Oppenheimer Funds, Perella Weinberg Partners' Xerion Capital Fund, and Stairway Cap Management if they refuse to accept a settlement on Chrysler bonds they hold
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Urges other states to divest their holdings in these three hedge funds if they fail to agree on a bond settlement before the specified deadline
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Expresses concern that hedge funds holding approximately 30 percent of Chrysler bonds are refusing to compromise on debt restructuring terms needed to prevent the company from seeking bankruptcy protection
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Warns that hedge fund obstruction would cause devastating economic consequences including job losses, reduced tax revenue, and damage to the domestic automobile industry in Michigan and nationwide
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Directs copies of the resolution be transmitted to the Governor of Michigan and the governors of Delaware, Illinois, Indiana, Missouri, Ohio, and Wisconsin
Legislative Description
A concurrent resolution calling on Governor Granholm to divest all state money from certain hedge funds refusing to accept a settlement on the Chrysler bonds they hold and urging other states to divest their holdings in these hedge funds, should these hedge funds fail to agree on a bond settlement before today's deadline on concluding an agreement.
Chrysler
Last Action
Referred To Committee On Commerce And Tourism
5/6/2009