The document was basically a term sheet with standard legal gobbly-gook around the edges. All things considered, for 37 pages, it as a pretty weak term sheet. The document has little/no substance on restructuring or milestones and clearly demonstrates how incompetent our Congressional leadership is. Mainly because these guys are debating the nits & nats of something that has no teeth. I could have written this bill in one page (although I wouldn't have).
My favorite part was this ridiculous clause:
During the period in which any financial assistance provided under this Act to any eligible automobile manufacturer is outstanding, the eligible automobile manufacturer may not own or lease any private passenger aircraft, or have any interest in such aircraft, except that such eligible automobile manufacturer shall not be treated as being in violation of this provision with respect to any aircraft or interest in any aircraft that was owned or held by the manufacturer immediately before receiving such assistance, as long as the recipient demonstrates to the satisfaction of the President’s designee that all reasonable steps are being taken to sell or divest such aircraft or interest.
That took up half a page. I find it pathetic that through the entire document, which resembles an overly-wordy standard financial/equity/debt term sheet, they include this provision. There's very little mention of other operational targets, but, hey, let's make sure they fly commercial.
